Work starts on metal component factory in Vinh Phuc

15:28 | 14/07/2018 Economy

Construction of a factory manufacturing metal components recently kicked off at the Ba Thien II Industrial Zone in Binh Xuyen district of the northern province of Vinh Phuc.

The Ba Thien II IZ - Source: Internet

Covering an area of 40,000sq.m, the TKR Vietnam is being built with an investment worth US$8.8 million, funded by the TKR Corporation from Japan.

It is set to be inaugurated in the second quarter of 2019. Once operational, it is expected to turn out 6 million products per year and generate jobs for about 2,000 laborers.

Several Japanese firms have poured investment into Vinh Phuc province, creating more career opportunities for young local workers.

As of February 2018, Vinh Phuc was home to 278 projects worth over US$4 billion invested in by 16 countries and territories. Of these projects, 31 were funded by Japan at a combined value of US$816 million.

Statistics from the provincial management board for industrial zones show that in the first quarter of the year, licences were granted to nine new foreign direct investment (FDI) projects with a total registered capital of US$45.11 million, meeting 17 percent of the target for the whole year.

The province also granted licences to two domestic direct investment (DDI) projects with a total registered capital of 85.9 billion VND, an increase of 4.3 times over the same period last year.

Of the new projects, 10 were for electronic spare parts production and the other, for mechanics manufacturing.

So far, the province has had 46 DDI and 200 FDI projects in its industrial zones.

Theo VNA