South Korean Solum Vina Company officially inaugurated its factory at the Ba Thien II Industrial Park (IPs) in northern Vinh Phuc Province’s Binh Xuyen District on Monday.
|South Korean Solum Vina Company inaugurates its factory in the northern Vĩnh Phúc Province.-Photo baovinhphuc.vn|
The wholly foreign-invested company began construction in April. Covering an area of 40,000sq.m., the US$20 million project produces and outsources electronic spare parts for TVs, computer screens, mobile phones and electronic parts for large companies, such as SamSung, Appo, Panasonic and Sony.
The factory has total capacity of 10 million products per month.
In August, the company completed the factory’s construction and became operational. It has created jobs for some 1,500 people.
Solum Vina Company is expected to reach a turnover of $300 million, contributing $1.5 million to the State budget in 2017. Vinh Phuc’s IPs management board said the province attracted 159 FDI projects from 13 countries and territories with total registered capital of $2.9 billion in 2016.
South Korea took the lead among foreign investors in the province, with 70 projects and $974.9 million worth total investment. The inflow from South Korean firms into Vinh Phuc’s IPs has significantly contributed to the province’s socio-economic development over the past few years.
Last week, Fuhua Co Ltd of Taiwan (mainland China) also commenced construction of 17 workshops for rent in the Binh Xuyen 2 IP.