South Korean electronics maker subleases land in city IP to build new factory.
South Korea’s Heesung Electronics has recently signed an in-principle agreement with the KinhBac City Development Holding Corporation (KBC) and the Saigon - Hai Phong Industrial Park Corporation (SHP) to sublease and build a factory in northern Hai Phong city.
Under the VND250 billion ($11.1 million) contract, Heesung Electronics will lease 13.86 ha of land at the Trang Due Industrial Park to develop its LED light and electronics production factory.
With total investment of $150 million, the factory, which is scheduled to begin operations in May next year, is expected to earn annual revenue of $3 billion and create 3,700 jobs.
Heesung was granted an investment license for the factory in June. It also has a number of factories elsewhere around the world, including three in South Korea, three in China, and one in both Poland and Egypt.
Since the beginning of this year the Trang Due IP has attracted about $297 million in investment, including the Heesung Electronics project.