Construction starts on Japan-invested $200mn electronic circuit factory in Vietnam’s Hoa Binh
Construction starts on Japan-invested $200mn electronic circuit factory in Vietnam’s Hoa Binh
Japan’s Meiko Electronics Co. Ltd. has turned the first sod at an electronic printed circuit board (PCB) factory in Hoa Binh Province with a total investment of US$200 million, the fifth of its kind established by the company in Vietnam.
Vietnamese Prime Minister Pham Minh Chinh speaks at the groundbreaking ceremony for an electronic printed circuit board factory of Japan’s Electronics Meiko Co. Ltd. in Hoa Binh Province, northern Vietnam on April 13, 2024. Photo: Nhat Bac / Tuoi Tre |
The firm conducted a broundbreaking ceremony for the PCB factory in Bo Trai Song Da Industrial Park in the namesake city of the province on Saturday, in the presence of Vietnamese Prime Minister Pham Minh Chinh, Meiko Electronics director and executive vice-president Atsushi Sakate, and other participants.
Covering an area of 9.2 hectares, the factory will be built at an estimated cost of VND4.66 trillion ($200 million), according to Meiko.
The factory, the first of Meiko in Hoa Binh, will produce electronic PCBs for peripheral devices, computers, electronics, audio-visual equipment, solar cells, microprocessor chips, and controllers, among others.
Meiko, known for its expertise in designing and manufacturing PCBs and related electronic components, plans to conduct trial operations at its new facility in the second quarter of this year before commencing official production, as reported by Vietnam Television (VTV).
Upon reaching full operational capacity in 2030, the factory is projected to employ approximately 3,000 workers and contribute around $8 million to the state budget annually, the company said.
So far, Meiko has built and operated four other electronic circuit plants in Vietnam, VTV said.
Addressing the ceremony, PM Chinh congratulated the Hoa Binh administration and Meiko on the new factory building and expressed his belief that local authorities will offer the best possible facilitation to the project while the investor will comply with its relevant commitments, VTV reported, citing the Vietnamese leader.
The prime minister directed local authorities to promptly address any obstacles to the project, ensuring it progresses on schedule and operates with high efficiency.
This will create job opportunities for the local population and contribute significantly to the overall development of the province.
Vietnam's relevant agencies are prepared to attentively listen to and resolve any issues or obstacles encountered by foreign investors as they conduct business in the country, the Vietnamese government chief said.
VTV quoted Meiko leader Sakate as stating that the company's decision to invest in Hoa Binh was significantly influenced by the messages emphasizing stable energy and accelerating green transformation conveyed by PM Chinh during a meeting with top Japanese enterprises as part of his trip to Japan in late 2023.
With five factories in Japan and two others in China, along with subsidiaries and representative offices around the globe, Meiko is one of the world's leading corporations in manufacturing and assembling electronic circuits, Voice of Vietnam reported.
According to the Hoa Binh administration, the province occupies a crucial ‘gateway’ position in the northwest region, serving as a link between Hanoi and other localities via the Ho Chi Minh Highway, other national highways, the Hoa Binh - Hanoi expressway, and the under-construction Hoa Binh - Son La freeway.
Authorities also highlighted Hoa Binh's potential for development in agriculture, forestry, tourism, supporting industries, manufacturing, and processing.
