Taiwan's JiaWei to build $100 mln factory in northern Vietnam in Sep

Taiwan's housewares maker JiaWei will invest $100 million in building a plant in Nam Dinh province and expects to begin factory construction next month.

JiaWei and Nam Dinh-based Dai Phong JSC, a local construction firm, signed a project development agreement early this week.

The Taiwanese firm, which exports its products to American and European markets, will build a 13-hectare factory at Dai Phong JSC’s My Thuan Industrial Park. The factory will use eco-friendly materials, in line with the goals of sustainable development and environment protection, the firm said.

Construction of the factory is scheduled to begin next month and official production late next year, initially employing 1,000 people.

A JiaWei executive said at the signing ceremony that the firm had surveyed many locations in Vietnam, including Ho Chi Minh City, Hai Phong city and northern provinces of Thai Binh and Quang Ninh before deciding on Nam Dinh, based on its strategic location and support from provincial authorities.

Welcoming the investment, Nam Dinh Chairman Pham Dinh Nghi said the province will facilitate the work of the company in completing administrative procedures and help it solve problems that might arise.

The 158-hectare, VND1.62 trillion ($68.2 million) My Thuan Industrial Park has a strategic location next to national highways 21 and 21B, 80 kilometers from Hanoi and 100 kilometers from the northern port city of Hai Phong.

The industrial park has proven a popular choice among several foreign investors including Apple supplier Quanta Computer and Singaporean polymer food packaging firm Sunrise Material.

Vietnam’s index of industrial production (IIP) decreased 0.7% year-on-year in the first seven months of 2023 due to prolonged economic headwinds and weak demand worldwide, according to a General Statistics Office (GSO) report.

Nam Dinh outperformed the country's average with an IIP growth of 13.48% in the period, driven by the mining sector (up 27.18% year-on-year), manufacturing-processing (up 13.61%) and electricity production and distribution (up 10.94%).