The investment plan for a USD 165 million FDI project in VSIP Nghe An Industrial Park approved

The project has a total investment of USD 165 million, equivalent to VND 3,872.55 billion, aimed at producing aluminum alloys used in the electronic and green energy industries. It is a supporting industry, providing input materials for projects producing phone cases, laptop shell cases, power banks, chargers, smartwatches, etc., with a designed capacity of 100,000 tons per year.

The project will be implemented on an area of 11.78 hectares and is expected to start operating from October 2024. According to Mr. Le Tien Tri, Head of the Southeast Economic Zone Management Board, with an investment capital of VND 328.74 billion per hectare, the largest rate ever in Nghe An and is expected to create jobs for around 1,500 workers.

In recent years, Nghe An has become a destination for major FDI investors in the electronics sector such as Foxconn, Luxshare, Everwin, Goertek, JuTeng, etc. They are partners of leading technology companies around the world such as Apple, Samsung, etc.

The project by Innovation Precision Vietnam Co., Ltd. will contribute to perfecting the ecosystem of enterprises providing supporting industrial products for electronics manufacturing companies in the province.

After the Standing Committee of the Provincial Party Committee approves the investment plan, the provincial People's Committee will carry out the required procedures to issue an investment certificate to Innovation Precision Vietnam Co., Ltd.

As of July 20, Nghe An has granted new licenses to 69 projects with a total registered capital of VND 21,839.4 billion; adjusted 92 projects, of which the total adjusted capital of 27 projects increased by 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%, and the total registered capital of new projects increased by 1.33 times.

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

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

Previously, in 2022, the total FDI capital invested in Nghe An, including newly granted and adjusted projects, reached USD 961.3 million, making the province in the North Central region enter the top 10 localities with the largest FDI attraction in the country for the first time.