Dong Nai Province granted an investment certificate for Great Veca Vietnam to inject an extra US$65 million into its manufacturing operations in the southern province, thus helping take to US$476 million the total FDI approvals in industrial parks in the year to end-February.
Dong Nai Province granted an investment certificate for Great Veca Vietnam to inject an extra US$65 million into its manufacturing operations in the southern province, thus helping take to US$476 million the total FDI approvals in industrial parks in the year to end-February.
The US$476 million was 3.5 times higher than in the first two months of last year and equivalent to 47.6% of the year’s plan.
US$50 million of Great Veca’s US$65 million new investment will go to a new company, Great Kingdom Giang Dien, in Giang Dien Industrial Park in Trang Bom District and the remainder will be funneled into the operational Great Kingdom International Corporation Bien Hoa in Bien Hoa 1 Industrial Park. The two companies produce wooden products for export to Korea and Japan.
According to a leader of the Dong Nai Industrial Zones Authority (DIZA), Great Veca has been successfully operational in Dong Nai Industrial Zone Park for more than 20 years, so it is expanding its operations.
The new company in the Giang Dien Industrial Zone will build a factory on 22 hectares to make wooden furniture with an annual capacity of 2.5 million products. Its phase one will be up and running in 2017 and will need around 2,000 employees.
Great Kingdom International Corporation Bien Hoa produces wooden furniture and items from bamboo and rattan with a capacity of two million products a year.
According to DIZA, the industrial zones in Dong Nai have attracted 15 fresh FDI projects worth around US$180 million this year, rising 177% against the same period last year. Meanwhile, 19 operational foreign-invested projects added an extra US$300.32 million, up 323% year-on-year.
Six out of the 15 projects involve Korean investors with total investment pledges of US$7.76 million, and five belong to Taiwan companies with total investment commitments of US$135.2 million.
(Source: SGT)
