Two Chinese Firms to Invest $550 Million in Northern Vietnam

Two Chinese companies will invest $550 million in Vietnam’s northern province of Bac Giang.


                JA Solar will invest $450 million in Bac Giang province. Photo: bidnessetc.com

Two Chinese companies have unveiled plans to invest a combined $550 million in Vietnam’s northern province of Bac Giang, industrial real estate developer Kinh Bac City Development Holding Corp. (HOSE: KBC) said on its website.

NASDAQ-listed JA Solar Holdings Co., Ltd. has signed a deal to rent 40 hectares in Quang Chau Industrial Park, owned by a subsidiary of KBC, to develop a solar cell producing plant.

The facility will have an investment of $450 million, higher than the initially announced figure of $320 million. JA Solar could scale up the investment to $1 billion.

Meanwhile, Shenzhen Stock Exchange-listed Luxshare ICT will built a factory to produce electronic components on an area of 14 hectares in the park at a cost of $100 million.

Its construction is set to start next month and to create 6,000 jobs once the plant comes into operation.
Luxshare ICT is provider of components, mainly cables, for Apple, Samsung, Lenovo, Sony, Asus, Dell and Huawei, KBC said on its website.

KBC and the two Chinese companies inked the rental agreements during a five-day China tour of Prime Minister Nguyen Xuan Phuc that ended September 15.

Tuan Minh / BizLIVE