Nghe An: Approved investment policy for a 30 million USD shoe and sandal factory in Yen Thanh

At the regular meeting last August, the Provincial Party Standing Committee approved the policy to allow investment in this project.

Overview of the regular meeting in August 2022 of the Standing Committee of Nghe An Provincial Party Committee. Photo: Thanh Duy

This is a foreign direct investment (FDI) project operating in the field of manufacturing and processing all kinds of shoes, sandals and footwear materials of all kinds for export with a capacity of 6 million products/year.

The total investment of the project is 30 million USD (equivalent to 690 billion VND). The project's operating period is 50 years from the date of land allocation to the investor.

The project, once operational, will contribute to promoting socio-economic development, creating jobs and income for local workers, improving land use efficiency, and increasing budget revenue.

It is expected to create jobs for 6,000 unskilled workers in phase 1 (recruitment demand of 12,000 workers) with an average income of 6 million VND/person/month and contribute about 110 billion VND to the state budget annually.

After reviewing the process, procedures, documents, and opinions of the sectors, it was found that the project complied with regulations. The Provincial Party Standing Committee approved the policy to allow investment in the project.

After completing the procedures to obtain the investment policy decision, investment registration certificate and business registration certificate, the investor will complete the land lease procedures in Tang Thanh and Long Thanh communes, Yen Thanh district to invest in building office buildings and factories, complete installation, and expect to put the first production line into operation from the fourth quarter of 2022 to the third quarter of 2024; complete construction and installation of the remaining lines, and put the factory into operation in the fourth quarter of 2024.