China’s multinational electronics firm TCL has registered two projects producing speakers and headphones in an industrial park located in the northern province of Quang Ninh, local media reported.
The two projects are still subject to local authority’s approval, while TCL expected to put those into operation by May 2020 and creating jobs for 2,000 locals.
TCL revealed the information at a meeting with Quang Ninh People’s Committee to explore investment and cooperation opportunities at the province’s industrial parks.
Additionally, TCL’s secondary investors are considering projects producing parts and accessories in Dong Mai industrial park, which is also the location of the Chinese firm’s two upcoming projects.
Chairman of Quang Ninh People’s Committee Nguyen Van Thang said the province would create favorable conditions for TCL and its secondary investors to carry out projects.
However, Quang Ninh maintains its stance of not attracting foreign investment at all costs, but promoting selective FDI projects towards sustainable development and environmental protection, Thang added.
The province, thus, prioritizes over projects using advanced and environmental friendly technologies, he continued.
TCL was established in 1981 and made its first presence in Vietnam in 1999. The electronics firm currently has 22 production bases worldwide, employing 75,000 people and operating in 160 markets.
FDI commitments in Vietnam in the January – June period totaled US$18.47 billion, down 9.2% year-on-year, while disbursed FDI totaled US$9.1 billion in the six-month period, representing an increase of nearly 8% year-on-year, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment showed.
According to the agency, 1,723 new projects have been approved with total commitments of US$7.41 billion in the first six months, down 37.2% from the corresponding period last year, while 628 existing projects have been injected an additional US$2.94 billion, down 33.8% year on year.
The data shows that out of 95 countries and territories investing in Vietnam in the six-month period, Hong Kong (China) took the lead with US$5.3 billion, accounting for 28.7% of total investment and China at third place with US$2.29 billion, or 12.4% of the total.