Taiwan electronics firm Lite-on to build new plant in northern Vietnam
Lite-on Technology Corporation, a world-leading Taiwanese provider in optoelectronics and power management, plans to build a factory in Quang Ninh province.
The plant will be located at the Thai-invested Amata Song Khoai Industrial Park in Quang Yen town, Gary Lin, CEO of Lite-on Vietnam Co. Ltd., said at a Tuesday meeting with Quang Yen chairman Tran Duc Thang.
As Thang suggested, the firm would strive to begin construction of the factory this year to mark the 60th anniversary of Quang Ninh province (October 30, 1963-2023), Lin said.
Gary Lin (standing), CEO of Lite-on Vietnam Co. Ltd., speaks at a meeting with the authorities of Quang Yen town, Quang Ninh province, northern Vietnam, September 26, 2023. Photo courtesy of Quang Yen's news portal.
Thang highlighted Quang Yen’s several advantages including proximity to the Lach Huyen international seaport and Cat Bi airport in the neighboring city of Hai Phong, Van Don airport in Quang Ninh province, and connection to expressways.
In the first eight months of this year, Quang Yen town, with 4,600 hectares for industrial parks, attracted foreign direct investment worth $832.2 million, official local data shows.
Lite-on Vietnam, headquartered in Hai Phong city, inaugurated last November a $96 million manufacturing facility at the Vietnam-Singapore Industrial Park (VSIP) Hai Phong.
Lite-on Vietnam earned a net income of TWD6.3 million ($195,440) on net revenues of TWD2,269 million ($70.4 million) in 2022, according to the parent firm’s report for last year.
Lite-on’s investment in its Vietnamese subsidiary reached TWD2,766 million ($85.8 million) as of end of second quarter of 2023, according to a filing with the Taiwan Stock Exchange.
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