Bac Ninh welcomes $50 billion South Korean security plant

According to the local media, the company has participated in a working session with the province’s leadership to find investment opportunities and carried out a site survey on Que Vo Industrial Park. The construction will be divided into two phases, the first is slated for 2019 with a total investment capital of $30 million.

Once the factory comes into operation, it will generate 1,500-2,000 jobs and have an annual output capacity of 2 million products.

Yang Jin Seol, Hanwha Techwin’s managing director, expected that the project will create a platform for its expansion in other sectors in Bac Ninh.

Hanwha Techwin specialises in providing innovative auto driving and robot platform solutions, as well as security solutions. Besides, the company also operates in the energy, industry, and defence sectors.

It has 27 facilities with 4,407 employees around the world. In 2015, it earned $600 million in revenue.

Regarding the province, Bac Ninh attracts one of the largest foreign direct investment (FDI) capital volumes in Vietnam. According to statistics of the province’s Department of Planning and Investment, in ten months of this year, the province licensed 149 FDI projects with a total registered capital of $454 million, doubling last year’s figure.

Currently, the province is home to 920 valid FDI projects worth over $12 billion, most of them focusing on the manufacturing and support industries, which are compatible with the locality’s development plan.

A number of meetings have been held between local authorities and the local business diasphora to discuss removing obstacles, boosting production and effectiveness of industrial areas in attracting investment.

The province has also offered incentives and continued to simplify and reform administrative procedures in some areas, such as land, construction, labour, and customs to supporting businesses.