Kingtec invests US$30 million in Binh Duong
Kingtec invests US$30 million in Binh Duong
Taiwan’s Kingtec, a group that specializes in lighting equipment, interior decorations, electric generators for automobiles and electronic devices, has chosen a site in the southern province of Binh Duong for a new manufacturing facility.
Kingtec chairman Soddy Huang inked a land lease agreement on June 24 with the Investment and Industrial Development Corporation (Becamex IDC) as developer of My Phuoc 3 Industrial Park in Ben Cat Town to set up shop.
The facility manufacturing electronic devices such as LED lights, and table and wall lamps will cover 16 hectares of land and cost US$30 million in the first phase.
Following the land lease deal, the group will apply for an investment certificate to build the factory and later put it into operation after one year of construction. It is expected that all the finished products will be exported to Europe and the Americas.
The group now has several facilities in Shenzhen, Guangdong, Shanghai and Meizhou in China but its chairman also highly appreciates Vietnam’s business environment.
Vietnam is currently home to over 5,000 Taiwanese investors with 1,000 of them situated in Binh Duong. Huang said the provincial investment environment has made an increasing improvement.
He also pledged to put the factory into operation after one and a half years. Production lines and equipment will be transferred from the manufacturing facilities in China.
According to the government of Binh Duong, the province has attracted nearly US$1 billion of foreign direct investment (FDI) in the year to date, making up for about 15% of the total FDI pledged throughout the country.
Despite adverse impacts of the violent worker protests that broke out in May, scores of foreign investors are still expanding their operations in the province. This strongly proves that the provincial authority’s efforts to recapture their confidence have paid off, Binh Duong Province’s chairman Le Thanh Cung said.
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