South Korean investor lands $177 million venture in Danang Hi-Tech Park
South Korean investor lands $177 million venture in Danang Hi-Tech Park
Danang's Hi-Tech Park and Industrial Zones Management Authority granted an investment policy for the ICT VINA III factory project on November 28, developed by South Korea's Dentium Co., Ltd.
The project has a total registered capital of $177 million, bringing the total registered foreign direct investment (FDI) in Danang Hi-Tech Park to $875.20 million committed for 13 projects.
Vu Quang Hung, head of the authority (DHPIZA), revealed that the South Korean investor had quickly completed all necessary procedures in compliance with regulations and timelines, and this is one of the key initiatives targeted under the Danang Hi-Tech Park Development Master Plan to 2030.
“With the investor's solid experience, financial capability, and technological expertise, the project is expected to be operating on schedule and generate significant impacts on businesses within the Danang Hi-Tech Park and the city's overall investment environment,” said Hung.
A representative from Dentium Co., Ltd. shared that ICT VINA III factory is the company's third project in Danang Hi-Tech Park.
Dentium got the nod to invest $20 million in the first ICT VINA factory project in 2018.
In 2020, the company secured approval for the ICT VINA II factory project, with total registered capital amounting to $60 million.
Dentium Co., Ltd. is committed to the early completion and production commencement of ICT VINA III as planned.
The company also aims to attract high-tech specialists from Vietnam and abroad to Danang, implement training programmes to enhance expertise, and contribute to scientific research in the region.
Dentium's factories in Danang Hi-Tech Park focus on the research and production of high-tech machinery and equipment for the medical sector. To date, the company has invested $257 million across three projects in the park.
Since the beginning of this year, DHPIZA has approved four projects for the Danang Hi-Tech Park.
These include two foreign-invested projects with a total investment approximating $178.5 million, and two domestic projects with combined registered capital of $33.7 million.
As of now, Danang Hi-Tech Park, its centralised first-phase IT park, and industrial zones have enticed more than 520 projects.
According to Danang Department of Planning and Investment, by the end of October, the city was home to 1,012 foreign-invested projects with a value of nearly $4.55 billion, alongside 40,984 businesses, branches, and representative offices in operation, with total registered capital reaching $10.64 billion.
