South Korea’s Orientech to open factory in Vinh Phuc next April

November 22, 2013 | 15:00

(0) user say

South Korean Dongyang Electronics Vietnam’s Orientech factory in the northern Vinh Phuc province will start operations in April next year.

Head of the Investment Office under the Vinh Phuc Provincial Industrial Parks Management Authority told VIR last week that the $10 million facility, once working, “will recruit 2,500 local workers and contribute $300,000 a year in tax revenues.”

Quynh added that the factory specialises in producing electronics components such as chargers, accelerometers, rectifiers, and data sources for Samsung mobile phones.

With its new factory, Orientech aims to increase its annual output and avoid overload at its other facilities in China to meet the increasing demand in Asia.

Its factory in China was established in 1994 producing home electronics, industrial equipment, and telecommunications components for Samsung, LG, Sanyo and JVC. Its second factory in China was opened in 2002 to build power transformers and vibration motors.

The Orientech factory is the 49th foreign invested project by South Korean investors in Vinh Phuc, bringing their total investment capital in the province to $376.4 million. South Korea is now third among the top 13 nations and territories investing in Vinh Phuc in terms of capital and second in terms of number of projects.

By By Nguyen Chung

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional