Hai Duong begins year with $40 million paper factory

Leaders of the Hai Duong People's Committee handing over the investment certificate for the paper project (Source: VNA)

According to information published on the portal of the Hai Duong People’s Committee, on January 2, the Hai Duong People’s Committee granted a license for Hong Kong-invested Leo Paper Bags Manufacturing (1982) Limited to develop a paper manufacturing project in Cam Dien-Luong Dien Industrial Zone in Cam Giang district. Accordingly, the factory will focus on producing paper bags and cards and is expected to come into operation in July 2021.

In the framework of the ceremony, Hai Duong’s provincial leaders also granted a license for True Voice International Inc. from the Republic of Seychelles for an $8 million project, which will specialise in producing machinery and components related to audio amplification equipment. The plant is slated for completion in 2020 in Cong Hoa IZ in Chi Linh town.

This is Leo Paper Bags’ second project in Hai Duong after a $5.1million project in the Kim Thanh district-based Phu Thai IZ.

Speaking at the licencing ceremony, Nguyen Manh Hien, Secretary of the Provincial Party Committee, said that Hai Duong has emerged as an attractive investment destination and the two projects marked a good beginning for the year.

Hien expressed hope that the two investors will help promote the provincial investment climate and opportunities.

In 2018, Hai Duong province ranked 11^th in foreign investment attraction, with a total of $532 million, signifying an increase of 51.3 per cent on-year. $224 million of this capital volume was poured in 38 newly-registered projects and the remaining $308 million were added to 36 existing projects.

To date, the total disbursement of foreign capital in the locality reached $4.59 billion, which is 60.4 per cent of the registered foreign-invested capital.