07:23 (GMT +7) - Thursday 18/01/2018

Business

Hanwha Techwin to invest $50 million in Bac Ninh

Released at: 13:30, 26/12/2016

Hanwha Techwin to invest $50 million in Bac Ninh

Photo: Que Vo Industrial Zone/Viet Tuan

South Korean company to build factory at Que Vo Industrial Zone.

by Ngoc Chi

Hanwha Techwin, a subsidiary of South Korea’s Hanwha Group, plans to invest in a $50 million factory at the Que Vo Industrial Zone in northern Bac Ninh province.

Leaders from Hanwha Techwin surveyed the investment environment and met with provincial authorities last week to seek investment opportunities. 

Construction will be divided into two phases. If everything goes smoothly, the first phase will begin in the first quarter of 2017 and be completed in 2019, costing $30 million. Once the factory comes into operation it will generate 1,500-2,000 jobs and have an annual capacity of 2 million products.

Mr. Yang Jin Seol, Hanwha Techwin’s Managing Director, expressed his desire for provincial authorities to continue to pay attention to and facilitate enterprises producing high-tech products, such as Hawha Techwin.

“Projects meeting criteria on high technology and clean technology, are environmentally friendly, and make major contributions to the local budget are a priority for Bac Ninh,” Chairman of the Provincial People’s Committee Nguyen Tu Quynh was quoted as saying. “The province will offer incentives to enterprises producing high-tech products with large investments in the province.”

Hanwha Techwin specializes in providing innovative auto driving and robotic platform solutions, as well as security solutions. It also operates in the energy, industry, and defense sectors. It has 27 facilities with 4,407 employees around the world. In 2015 it earned $600 million in revenue. 

Bac Ninh is one of the leading provinces in attracting FDI, with nearly 1,000 projects and total registered capital of over $12.26 billion.

South Korea has more than 400 projects in Bac Ninh, accounting for 50 per cent of all FDI in the province, with large companies including Samsung, instant food group Orion, Daewoo, Flexcom, INTOPS, and Nano Tech.

In the first eleven months of this year Bac Ninh attracted 166 newly-registered projects and 115 existing projects added capital, for a total of $706.5 million. South Korea remained the leading investor in Vietnam in the first eleven months, with 1,071 projects both new and existing adding capital with total investment of $5.3 billion.  

Vietnam and South Korea are facing similar circumstances and need greater efforts in development in the future, Ambassador of the Republic of Korea to Vietnam, H.E. Lee Hyuk, told the Vietnam-South Korea Friendship Seminar held by VET on September 28 in Hanoi.

The Ambassador said that the diplomatic relationship and the political, economics, and culture relations between both parties have seen many breakthroughs.

“South Korea now is the leading investor in Vietnam with investment capital of about $50 billion, showing the amazing development of both countries,” he said. “Exports from South Korea to Vietnam far exceed those from Japan, a result that few people think about.”

User comment (0)

Send comment