ESMO (formerly NEXEN TECH) has just received the investment certificate for the project of electrical cable factory worth $26.5 million in the northern province of Ninh Binh.
|Nam Sang Eun, head of Corporation, ESMO Vina Corporation receiving the investment certificate at the national conference on 30 years of FDI attraction today |
In the morning today, Chairman of the Ninh Binh People's Committee Dinh Van Dien has handed over the investment certificate to the project of ESMO's electrical cable factory worth $26.5 million in Ninh Binh.
Previously, ESMO (formerly NEXEN TECH) has just started construction of ESMO VINA - its first wiring harness factory in Vietnam. Covering an area of 63,500m 2 with total investment of VND700 billion, this facility (located in Gia Phu Industrial Zone – Ninh Binh) is expected to create about 2,000 jobs for local people.
The ceremony was attended by Kim Do Hyun, South Korean Ambassador to Vietnam, Kim Cheong Hoon, general director of ESMO Korea, and Lee Jong Wook, general director of Global Land (ESMO) in Vietnam.
The ESMO VINA facility is established to improve production capacity to meet new orders, while enhancing its competitiveness through the systematic production of specialised parts for hybrid and electric vehicles. Its key product line is wiring harness—the company's flagship product with a production volume of about 450,000 products per year—used in large and small buses as well as battery module harness (battery module system), and electric vehicle charger cable, with a view to the explosion of hybrid electric vehicles from 2020.
In the context of international agreements on emissions reduction that are being implemented to fight against climate change and the greenhouse effect, reducing emissions from vehicles is also one of the important tasks for automobile manufacturing enterprises. Electric vehicles and hybrid vehicles are becoming more and more popular, leading to the development of the parts industry that ESMO pioneers.
Based on the long manufacturing experience as well as a team of high-quality local and international engineers, ESMO Group is expected to contribute to promote economic growth for Ninh Binh and Vietnam. At the same time, it is expected to create about 2,000 jobs for local people which will not only help upskill the local labor force, but also enhance regional competitiveness.
ESMO currently operates two manufacturing facilities (GoHyeon and RaeSeo) in Qingdao (China). In order to realise the goal of expanding business to Southeast Asia, ESMO has just established Global Land Vina Co., Ltd. in Vietnam in addition to building this third facility. The company also plans to increase its product volume for the rapidly growing automakers concentrated in Southeast Asia.
Early this March, NEXEN TECH (now ESMO) has partnered up with UK business Volex which is expanding its business network with wiring harness, including the exclusive supply of Tesla Model 3 rechargeable cables (used in electric vehicles developed by Tesla Motors or equipment of Dyson UK) which is expected to be launched by the end of this year.
NEXEN TECH has been renamed to ESMO earlier this May.