New automotive project granted license in Quang Ninh
New automotive project granted license in Quang Ninh
An Investment Registration Certificate worth US$165 million has been granted to Boltun fastener and stamping articles manufacturing project (Boltun Vietnam).
Funded by Boltun Corporation, one of the world’s largest suppliers of auto fasteners and metal parts, and QST International Corporation, the project aims to produce components for US and European electric car manufacturers.
The Taiwanese investors will build a 35.27-ha facility in Bac Tien Phong Industrial Zone, developed by DEEP C in Quang Yen Coastal Economic Zone. The project will be executed in two phases with a total capacity of 60,000 tons per year.
Construction of the first phase is set to start in Q2 2023.
Boltun Corporation and QST International Corporation operate four factories in Taiwan, seven in China, and one in Germany. This new factory in Viet Nam will expand its global supply chain network and support its long-term growth strategy in Southeast Asia.
Kevin Hsu, Vice President & CFO of Boltun Group, said: “The swift and efficient licensing process by Quang Ninh Economic Zone Authorities has helped us achieve our tight project timeline driven by the growing demand of our clients. This is among the major factors in our decision to invest in Quang Ninh, with abundant land supply for industrial development and state-of-the-art infrastructure.”
Quang Ninh has topped the national ranking of the most business-friendly province for five consecutive years. To make Quang Ninh one of the top investment locations in Viet Nam, the province is stepping up the efforts to fasten the administrative procedures to provide investors with timely support.
Boltun Vietnam operates in the auto supporting industry, a sector in which Quang Ninh is accelerating investment attraction. The project is expected to encourage the development of electric-vehicle waves in Quang Ninh and form a new auto hub within Bac Tien Phong Industrial Zone.
From an industrial park developer’s perspective, Koen Soenens, General Sales & Marketing Director of DEEP C Industrial Zones, said: “The rapid growth in demand is driving auto manufacturers and their supply chain to invest in Viet Nam to tap into a market of nearly 100 million consumers. In 2022, more than 20 per cent of land lease requests we received were related to automotive, making it the third largest industry in DEEP C after electronics and petrochemicals.”
“In 2023, DEEP C will focus on building the infrastructure of Bac Tien Phong Industrial Zone to be ready for large hi-tech projects. Having the high-quality infrastructure in place is one of the important factors for DEEP C to contribute to Quang Ninh’s 2023 target of attracting $1.2 billion in foreign investment into its industrial and economic zones.”
The granting of an Investment Registration Certificate for Boltun Vietnam at the beginning of 2023 marks a promising sign of a new investment wave in the province.
A view of Bac Tien Phong Industrial Zone developed by DEEP C Industrial Zones in Quang Yen Coastal Economic Zone. Photo courtesy of DEEP C
DEEP C is a cluster of industrial zones developed and operated by Infra Asia Investment Hong Kong, majority owned by Belgian company Ackermans & van Haaren in Hai Phong and Quang Ninh Province, the fastest-growing region in Viet Nam.
DEEP C is currently the only European-managed industrial zone developer in Viet Nam, operating on a scale of 3,400 ha of land near the Lach Huyen deep sea port in the North of Viet Nam.
Bac Tien Phong Industrial Zone, covering 1192.9ha of land, is jointly developed by DEEP C and Hateco Group Together in Quang Yen Coastal Economic Zone, Quang Ninh Province.
It aims to become an all-in-one industrial zone, integrating a dedicated (petro) chemical park and a built-in seaport complex with general cargo terminals and liquid jetties. The goal is to accommodate an array of industries while leveraging tenants’ logistics advantages on top of the excellent connectivity.
