Doosan Group pledges $120 million investment for the expansion of an automotive electronic component manufacturing facility in the northern province of Hai Duong.
Hai Duong, in a recent development, has successfully concluded an MoU with Doosan Group, a prominent multinational conglomerate, regarding a collaborative investment endeavour. The agreement aims to expand an existing electronic component manufacturing facility catering specifically to the automotive industry.
Under the agreement, Doosan Group has committed to executing and overseeing the investment project's expansion in Hai Duong. The project's primary focus will be on the production of flexible printed circuit boards and battery management system components utilised in electric vehicles.
Doosan Group will adhere to laws and prevailing regulations while engaging in import, export, and wholesale activities. The projected supplementary investment capital for this firm amounts to an estimated $120 million.
Doosan Group's decision to embark on this venture follows its prior substantial investments in Vietnam, particularly in energy generation, encompassing coal and wind power projects.
The upcoming project is slated to be implemented within Hai Duong's designated industrial zones, leveraging the region's favourable business environment and infrastructure.
As of the beginning of June, Hai Duong successfully attracted a significant influx of foreign direct investment (FDI), totalling nearly $210 million.
This substantial capital inflow predominantly gravitates towards newly sanctioned FDI initiatives, exhibiting a four-and-a-half-fold increase in the number of projects and an impressive six-fold surge in the registered capital when compared to the corresponding period in 2022.
Doosan Group, founded in 1896, traces its origins back to the establishment of Park Seung Jik Store in Baeogai.
Over the span of more than a century, Doosan has evolved into a highly diversified conglomerate and has earned its status as one of the world's top ten largest heavy equipment manufacturers.
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