Vinh Phuc presents investment licence to Japanese firms

14:42 | 07/09/2018 Economy

Authorities of the northern province of Vinh Phuc have granted an investment licence to investors of Kowa Global project in Binh Xuyen district’s Binh Xuyen Industrial Park (IP). 

The Binh Xuyen Industrial Park - Photo: tapchicongthuong

The project, totaling over 136 billion VND (nearly US$5.86 million), is invested by Japanese firms - Kowa Kasei JSC and Kowa Rubber Industries JSC.

This project will specialise in processing and conducting technical analysis and verification of rubber products, with a capacity of nearly 140 tonnes of products per year. It will also provide related consulting and trading services.

It is scheduled to be completed and officially put into operation in the second quarter of 2019, contributing 10 billion VND (US$430,700) per year to the State budget.

Kowa Global is the 23rd secondary project wholly invested by Japan in IPs in Vinh Phuc. The project is in line with the locality’s policy of encouraging the development of support industry.

It will create new products with high competitiveness in the market, contributing to promoting the province’s socio-economic development.

At present, IPs in Vinh Yen city and Phuc Yen town of Vinh Phuc have been fully filled. Investment projects in the province in the near future will be mainly allocated in IPs of Binh Xuyen district.

Industrial parks in the district have so far attracted 35,000 labourers, mainly young workers. Their average per capita income is between 6 million VND (US$258) and 8 million VND (US$345) per month.

Experts said that Binh Xuyen will become really bustling in the time ahead as businesses are flocking to the district to land their investments.

Theo VNA