The Vietnamese province of Quang Ninh has announced the award of investment certificates to three foreign companies. The total value of the three foreign direct investment (FDI) projects is $80m (VND1.87trn) and all of the projects are in the manufacturing sector.
China-based wheel manufacturing company Xiamen Sunrise Group will undertake a $55m project to build an automobile rim production facility at the Bac Tien Phong Industrial Park in Quang Yen Town.
Xiamen Sunrise specialises in manufacturing and distributing steel wheels and related parts. It has three existing production bases in China and one in Vietnam, where it has operated since 2008. It also has representative offices in Hong Kong and in the US.
Singapore-headquartered Lioncore Industries is another company expanding in Vietnam, having been awarded approval for a $15m project to build a second factory in the Dong Mai Industrial Park in Quang Yen Town.
It is a manufacturer of vinyl tiles and planks and already operates a factory at the site, which has a capacity of 108,000 tonnes a year.
The third investment announced was that of South Korea-based Samsong Vina, which will invest $10m in a factory to produce car safety belts in Song Khoai Industrial Park, also in Quang Yen Town. The company has already invested to build another factory in the province of Hai Duong in the north of Vietnam.
These investment announcements follow Sweden-based Autoliv saying earlier this month (April 2023) that it will open a new automobile safety component manufacturing facility in Quang Ninh.
Vietnam is one of several South East Asian countries to record strong FDI flows in 2022. The implementation of several economic reforms over recent years means that Vietnam is now seen as one of the most open economies within Asia-Pacific.