Vietnam’s Bac Giang Province Awards Licenses to Two China-Invested Projects Worth $83 Million
Authorities in Vietnam's northern province of Bac Giang have granted licenses to two China-invested projects with a total pledged capital of $83 million, according to the Provincial Industrial Zones Authority.
HongKong Xinwei Electronic Co., Limited has received approval to build a $58-million facility for manufacturing lithium batteries for electronic items such as computers and phones, as well as motherboards. The facility will have an expected annual output of 590 tons of lithium batteries and 120 tons of motherboards. The plant will cover 8.9 hectares in Yen Lu Industrial Park.
Meanwhile, Crown Advanced Material Vietnam has been licensed to construct a $25-million facility for producing plastic components used in solar panels. The 5.4-hectare factory, also located in Yen Lu Industrial Park, is projected to have an annual output of 200 million units.
Bac Giang Province currently hosts nine industrial parks with a total area of 1,967 hectares, and it plans to expand to 29 industrial parks covering 7,000 hectares by 2030. Established in 2022, Yen Lu Industrial Park is the latest addition to Bac Giang's growing network of industrial zones.
As of July 2024, China remains the largest foreign investor in Bac Giang Province, with over $6 billion in total investments. Chinese businesses account for more than 30% of the industrial production of foreign-invested enterprises (FIEs) in the province, as well as 35% of Bac Giang's trade turnover.
