Nghe An approves investment policy for 165 million USD FDI project in VSIP Industrial Park

Comrade Thai Thanh Quy - Member of the Party Central Committee, Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council, Head of the Provincial National Assembly Delegation chaired the meeting. Attending the meeting were comrades: Nguyen Van Thong - Standing Deputy Secretary of the Provincial Party Committee; Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee; Hoang Nghia Hieu - Deputy Secretary of the Provincial Party Committee; comrades in the Standing Committee of the Provincial Party Committee and a number of relevant departments and branches.

The project has a total investment of 165 million USD, equivalent to 3,872.55 billion VND, to produce aluminum alloy for the electronics and green energy manufacturing industry; is a supporting industry, providing input materials for projects to produce products such as: phone cases, laptop cases, power banks, chargers, smart watches;... with a design capacity of 100,000 tons/year.

The project is deployed on an area of ​​11.78 hectares and is expected to be operational from October 2024. According to Head of the Southeast Economic Zone Management Board Le Tien Tri, with an investment capital of VND 328.74 billion/ha, this project has the largest investment capital ever in Nghe An; it is expected to create jobs for about 1,500 workers.

In recent years, Nghe An has become the destination of large FDI investors in the electronics sector such as: Foxconn, Luxshare, Everwin, Goertek, JuTeng. This is a partner of the world's leading technology companies such as Apple, Samsung...

The project of Innovation Precision Vietnam Co., Ltd. will contribute to completing the ecosystem of enterprises providing supporting industrial products for enterprises manufacturing electronic products in Nghe An province.

After the Provincial Party Standing Committee approves the policy, the Provincial People's Committee will carry out the prescribed procedures to grant an investment certificate to Innovation Precision Vietnam Co., Ltd.

As of July 20, 2023, Nghe An has newly granted 69 projects with a total registered investment capital of VND 21,839.4 billion; adjusted 92 projects, of which the total investment capital of 27 projects was adjusted (an increase of VND 2,712.4 billion).

The total newly granted and increased capital since the beginning of 2023 is VND 24,551.8 billion. Compared to the same period in 2022, the number of newly granted projects increased by 4.55%, the total newly registered capital increased by 1.33 times.

When the 165 million USD project of Innovation Precision Vietnam Co., Ltd. is officially licensed by Nghe An authorities, it will contribute to bringing the total foreign investment capital attracted to the province since the beginning of the year to more than 890 million USD.

According to statistics from the Foreign Investment Agency, Ministry of Planning and Investment, in the first 6 months of this year, Nghe An attracted 725.4 million USD in both newly granted and adjusted FDI capital, ranking 8th out of 63 provinces and cities nationwide.

Previously, in 2022, the FDI capital invested in Nghe An, including newly granted and adjusted capital, reached 961.3 million USD, bringing the province in the North Central region into the top 10 localities attracting the largest FDI in the country for the first time.