Taiwan houseware maker Jiawei to invest $100 mln in northern Vietnam

Taiwanese houseware manufacturer JiaWei plans to invest $100 million in three projects in Nam Dinh, an executive told the northern province's authorities at a meeting on Friday.

JiaWei’s projects include a $80 million factory for manufacturing high-tech houseware covering 8.5 hectares; a $10 million printing facility on an area of 2.5 hectares; and a $10 million plant for producing carton boxes covering 3.3 hectares.

The firm, which regularly exports about 6,000 containers of high-quality goods to the U.S. and European markets, urged provincial authorities to support the projects.

Lauding the Taiwanese firm’s investments in high-tech and eco-friendly products for both the domestic and export markets, Nam Dinh's Party Committee chief Pham Gia Tuc said the province would facilitate the projects and called for more investments from Taiwanese enterprises.

JiaWei is the second Taiwanese business to invest in My Thuan Industrial Park after Quanta Computer, which was granted an investment certificate to build a $120 million factory in May.

Quanta Computer’s plant is set to manufacture 1.3 million laptop and desktop computers in 2024, 2.6 million in 2025, 3.6 million in 2026, four million in 2027, and 4.5 million in 2028. Quanta, also a MacBook contract manufacturer, signed a deal with Nam Dinh authorities on April 21 to develop the 22.5-hectare plant. The 48-year project will enjoy incentives, including tax exemptions and lower corporate income tax, land lease and land use fees.

Registered foreign direct investment (FDI) capital in Vietnam declined 7.3% year-on-year to nearly $10.86 billion in the first five months of the year, while disbursed capital dropped 0.8% to $7.56 billion, according to the Foreign Investment Agency (FIA) said. Nam Dinh’s registered FDI in the five-month period was $143.17 million, the 24th highest in the country.

So far, Vietnam has attracted 37,238 valid FDI projects with total registered capital of $447.66 billion, including 128 projects worth $3.85 billion in Nam Dinh.

Vietnam’s index of industrial production (IIP) rose 2.2% in May from April but dropped 2% in the first five months. Nam Dinh outperformed the country’s overall figure with growth of 7.28% in May and 13.19% from January-May, according to provincial data.