Vingroup to invest over $51 million in smart electronics plant in HHTP
SUNday - 25/11/2018 21:01
Vingroup is expected to invest VND1.2 trillion ($51.38 million) in a "Smart Electronics Plant”. The project, expected to be operational by the second quarter of 2019, is the first one to be implemented under a cooperation agreement between the Hoa Lac Hi-Tech Park Management Board and Vietnam’s biggest private conglomerate Vingroup.
According to the agreement, in the period 2018-2020 looking towards 2025, Vingroup will focus its investments on hi-tech manufacturing in the HHTP.
The corporation will invest in research and development, advanced technology, software, hi-tech industrial manufacturing, housing development, commerce and services in HHTP.
The first project to be implemented under the agreement will be a "Smart Electronics Factory" in HHTP. Construction will begin as soon as the group’s investment plan is approved by competent authorities.
The factory will be built on an area of five hectares. Once operational, it is expected to produce 3- 4 million smart electronics products a year, supplying both domestic and international markets.
Minister of Science and Technology Chu Ngoc Anh said the HHTP Management Board is improving the Park's infrastructure, providing the best conditions for investment, and creating a legal corridor to facilitate businesses. These efforts are aimed at developing the HHTP into a smart-technology city, he said.
There are 87 investment licensed projects in HHTP at present with total capital amounting to approximately VND78 trillion ($3.34 billion).
In 2018 alone, HHTP has welcomed 10 licensed project