Foxconn pledges further $550 million investment in Quang Ninh
The northern province of Quang Ninh awarded investment certificates for two projects run by Foxconn Singapore Pte Ltd, a member of Foxconn Group, to deploy in Song Khoai Amata Industrial Park and DEEP C Quang Ninh 2 Industrial Zone (both in Quang Yen town) on July 3.
The two projects are a smart entertainment product facility in Song Khoai Amata and a smart system project in DEEP C Quang Ninh 2. The smart entertainment product project in Song Khoai Amata has total registered investment of VND6.63 trillion ($263.7 million). Covering an area of 21.5 hectares, the project has a design capacity of 4.18 million products per year.
Meanwhile, the smart system project at DEEP C Quang Ninh 2 Industrial Zone has a total registered investment of VND7.12 trillion ($287.2 million). The project spans 12.4ha with a design capacity of 8.78 million products per year.
Foxconn started investing in Quang Ninh in 2019, with the S-Vietnam project in Dong Mai Industrial Park, with an investment of $137 million. In 2023, the group invested in two more projects, with total capital of $246 million in Song Khoai Industrial Park. Foxconn has invested in five projects in Quang Ninh, with the total capital of nearly $1 billion.
According to the investment certificate, the two projects will complete constructionin July 2026. After a period of machinery installation and trial operation, they will go into official production in May 2027.
Roy Shen, a Foxconn Group representative, said, "During the project research process, with the support and favourable conditions of Quang Ninh province, Foxconn will shorten the construction of both projects by 10 months compared to the previous investment plan and will complete construction in September 2025."
He hopes to continue to receive support from the province during the implementation of projects. The group commits to compliance with the laws of the Vietnamese state and implements projects on schedule as registered.
Speaking at the investment ceremony, Cao Tuong Huy, Chairman of Quang Ninh People's Committee, expressed his joy at the upcoming investment from Foxconn. “The fact that the group continues to choose Quang Ninh for investment shows investors' confidence in the province's investment environment. Quang Ninh hopes that Foxconn will successfully implement existing projects in Quang Ninh, and continue to research and invest in upcoming projects in the province."
According to Quang Ninh Economic Zones Management Authority (EZA), up to now, there are 20 countries and territories investing and doing business in the province, with total investment of nearly $14 billion. With synchronously invested infrastructure, positive competitiveness, and top management quality in the country, Quang Ninh is being evaluated by investors as one of the most attractive investment locationsin Vietnam.
“For investors in Song Khoai Amata and DEEP C Quang Ninh 2, it is necessary to continue to accelerate the progress of construction and infrastructure investment to ensure the needs of secondary projects in general and projects implemented by Foxconn," Huy emphasised.
Huy said that Quang Ninh would also establish a working group directly led by the chairman. The working group will effectively deploy support measures, remove difficulties, and create the favourable conditions for administrative formalities, land formalities, and land clearance during project implementation.
By Thanh Van
Source: VIR
Original link
