On June 21, Pyeong Hwa Automotive Co., Ltd. (PHA) was granted the investment certificate for its automotive parts manufacturing plant located in Deep C II Industrial Zone (IZ) at the northern port city of Haiphong’s Dinh Vu-Cat Hai Economic Zone.
|Pyeong Hwa Automotive (PHA) receives the investment certificate for its manufacturing plant in Deep C II |
Located in Haiphong—one of the most dynamic cities with highest growth rate in Vietnam—the automotive parts manufacturing plant of PHA will cover an area of 7 hectares, with an investment capital of $16.7 million. Upon its launch in September 2019, it will supply 7.5 million products to the market per year, generating nearly 300 jobs for local labourers.
Lee Jae-Seung, president of PHA, said, “After conducting surveys in numerous areas, PHA found that Deep C II IZ is the most suitable place to implement its expansion plan due to its optimal business environment and services.”
Pyeong Hwa Automotive Co., Ltd. (PHA) was founded in 1985 and is headquartered in Daegu, South Korea. PHA is listed on the Korean stock exchange (KOSDAQ) and is a leading manufacturer of automotive moving parts.
With 18 plants and five laboratories around the world, PHA has been a trusted supplier to top-tier car manufacturers such as BMW, Audi, Ford, General Motors, Hyundai, and Kia, among others.
|PHA's plant will cover an area of 7ha, with an investment capital of $16.7 million. Upon its launch in September 2019, it will supply 7.5 million products to the market per year, generating nearly 300 jobs for local labourers. |
Apart from being one of first investors in Deep C II, PHA brings along several companies in its supply chain to launch their businesses in Vietnam. The establishment of an initial automotive village in Deep C IZs sets up Haiphong as an automotive city. Further the integration of domestic input in exported products will enhance the added-value and the competitiveness of products made in Vietnam.
Frank Wouters, director of Dinh Vu Industrial Zone JSC - developer of Deep C IZs, stated: “PHA is different from any other projects in Vietnam, including Haiphong. It is a special customer for Deep C II, it being the first customer on our main road, it being the largest customer, and the first cluster investment in Deep C II. Besides, it is the first automotive customer in the IZ, and so on. Thus, the management board of the IZ has plenty of special reasons to give special support."
Deep C IZs are the ideal location for the automotive, logistics, general, heavy, and light industries thanks to its strategic location next to a deep sea port, highways, and international airports.
Investors at Deep C are supported by a reliable utilities network of international standards, the best tax incentives package, and a dedicated team with 20 years of experience in assisting project startup in Haiphong.