13:24 | 04/06/2015 Investment
A series of small-scale foreign direct investment (FDI) projects have been funnelled into Vietnam, contributing to increasing the number of FDI projects operating in the support industry, reported Dau tu (Vietnam Investment Review) online.
Samsung is among the investors pouring capital into the country, contributing to the formation of a strong domestic electronics support industry. (Photo: photoshelter.com)
The JNTC company from the Republic of Korea (RoK), one of the firms specialising in supplying components for Samsung, is considering investing in a project to manufacture optical glass worth 50 million USD in the northern province of Vinh Phuc.
Meanwhile, the RoK’s Vina Anydo Electronics Company has decided to build its factory in the province which will manufacture and process mobile spare parts and electronic devices for Samsung.
Built with a total investment of 700,000 USD across nearly 2 hectares in the Binh Xuyen industrial park in Vinh Phuc province, the project is expected to generate annual revenue of 16.46 million USD and create job for over 250 workers with average monthly salaries of 200-300 USD.
In May this year, the People’s Committee of the northern Bac Giang province granted investment licenses to a number of small-scale FDI projects in the support industry, including prominent projects such as Wonjin Vina worth 10 million USD and Mooroc Printec Vina worth 2 million USD.
The Management Board of the Hai Phong Economic Zone has also decided to allow Eujin Winsys Co., Ltd of the RoK to build a plant to produce and assemble electronics with a total investment of 100 million USD.
All projects are scheduled to become operational after 6 to 12 months of construction, meeting the increasing demand for spare parts of big electronic firms such as Samsung, LG and Microsoft.
Since Samsung, Microsoft and LG invested in Vietnam, great numbers of foreign investors have poured capital into the country, contributing to the formation of a strong domestic electronics support industry.
Director of the Foreign Investment Agency Do Nhat Hoang told the Dau Tu that the support industry not only plays a crucial role in boosting national economic growth and accelerating the country’s global integration, but also helps increase the attractiveness of the investment climate and creates added value for the country’s economy./.