The Republic of Korea’s Ace Technologies has been allowed to begin a wireless equipment production project worth 60 million USD in the northern province of Ha Nam
The ground-breaking ceremony. (Photo: VNA)
The provincial People’s Committee on May 18 granted an investment licence to the group.
Located in the Dong Van 2 industrial park on an plot of over 120,000 square metres, the factory specialises in manufacturing wireless aerials for smart phones and radio frequency filters, with a capacity of producing 300,000 products per year.
The plant will start production in nine months, and is expected to gross about 70 million USD in revenue each year, pay 1 million USD in corporate income tax and generate jobs for nearly 500 workers.
President of Ace, Gwang Young Koo, revealed his ambition of turning the factory into the third biggest earner of the group with annual revenue of 1 billion USD. The plant will serve as a place for technology transfer and high-quality human resources training, he added.
Secretary of the provincial Party Committee Mai Tien Dung said the project is expected to attract hi-tech, manufacturing and small-and medium-sized enterprises.
Local authorities pledged to facilitate business operation and hope more RoK firms will invest in the province, he added.