Zuru Group keen on investment venture in Nghe An province

Part of VSIP Nghe An, one of eminent investment venues in Nghe An

The news was confirmed after a recent a recent online meeting between the Nghe An Investment, Trade and Tourism Promotion Centre (NAPC) and Zuru Group.

After the meeting, Bui Duy Dong, director of NAP shared that the foreign partner was keen to know about Nghe An province’s natural resources, human resources, as well as the state of infrastructure at the province's industrial zones (IZs) and related policies. The investor also asked about investment attraction policies.

According to a Zuru Group representative, the group has developed an extensive network of 26 representative offices around the world and posted nearly $1 billion in revenue in 2020.

The representative also discussed the group's advantages in the production of equipment for building houses and household appliances using cutting-edge equipment and modern software.

In Nghe An province, the foreign partner envisages building a factory that manufactures prefab materials for smart houses following Industry 4.0 standards, with an estimated investment value reaching $400 million.

Zuru Group aims to disrupt the global housing market with smart, eco-friendly homes at competitive prices. It has been working on the project since 2007 with the target of selling ready-made houses to the world.

Based on the investor's criteria, NAPC presented them with two potential sites for the project: a 40-hectare plot at the planned area for Dong Hoi deep-water port and associated logistics facilities in Hoang Mai town and a 100ha space at Hoang Mai II IZ.

In recent months, Nghe An has been working with several major local and foreign partners like Japan’s Mitsui Sumitomo Banking Corporation, SunGroup, and Nha Trang Bay Investment and Construction JSC to accelerate investment procedures.

Currently, one of the eminent investment destinations in Nghe An is Vietnam Singapore Industrial Park (VSIP) Nghe An which has lured 30 investment projects (including 14 by foreign investors) over 131.14ha of leased space, employing more than 40,000 local labourers.

20 of these projects are already operational, providing jobs to over 11,800 labourers. Three other investors are building factories and the remaining seven have finalised investment procedures and are about to begin construction.

Since 2020, despite COVID-19, a sharp rise was spotted in the number of projects asking for business expansion and capital addition in Nghe An province.

Aside from luring in the $200 million project from Taiwanese investor Ju Teng Group to build an electronic component manufacturing plant in Hoang Mai I IZ, in the first nine months this year, Nghe An has granted new investment certificates to 77 projects, and greenlit capital additions for 95 projects with a total new committed and supplemental capital of VND13.789 trillion ($600 million), up 19 per cent in the number of projects and more than triple in total investment value.