Compal remains committed to Vinh Phuc project

March 25, 2016 | 12:38

(0) user say

On March 23, representatives of Compal Electronic Group (Compal) and the Vinh Phuc People’s Committee held a working session to discuss implementing Compal’s electronic equipment manufacturing project located in the northern province’s Binh Xuyen district.

Bruce Riggs, vice president of Compal, committed to implementing the project on schedule. Accordingly, by April the facility will be equipped with modern machinery imported from China to manufacture smart phones and tablets. The factory is expected to come into operation in September and create hundreds of jobs for skilled Vietnamese workers.

The investor proposed the province to provide incentives in human resources, land rentals, as well as corporate income tax.

According to a source of the Vinh Phuc People’s Committee, Compal had revised plans for implementing the project, however, the new investment capital as well as the factory’s capacity was not disclosed.

In October 2007 Compal was licensed to invest $500 million to build a laptop production plant in Vinh Phuc, which was expected to turn out 24 million laptops per year by 2012, create 35,000 jobs, and attract 50 part suppliers that might bring an additional investment sum of $1 billion to province.

However, after starting operational in May 2011, the production facility suspended operations in early 2013 due to the global economic recession. The facility is currently rented by a local company to manufacture carton boxes for Samsung Electronics.

In March 2015, Compal planned to resume production. However, the group chose to produce smart phones and tablets upon its return to Vietnam.

By By Ha Vy

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional