On August 1, the People's Committee of Nghe An Province granted a license to Innovation Precision Co., Ltd for the construction of an aluminum alloy plant with a value of US$165 million.

Innovation Precision Co Ltd received the approval to build a US$165m aluminum alloy plant on August 1. Photo: Nghe An Newspaper

Being a member of China-based Shandong Innovation Metal Technology Group, the plant will have a total annual output of 100,000 tons of aluminum alloy to produce home electronic products, green energy generation, metal furnaces and auxiliary industries.

Covering an area of 11.78 hectares, the plant will be located in the Vietnam-Singapore Industrial Park (VSIP) Nghe An and will employ about 1,500 local workers.

The company expects to start construction of the plant in August 2023, with production lines fully operational in October 2024.

According to the Foreign Investment Administration under the Ministry of Planning and Investment, Nghe An province attracted a total of US$725.4 million in newly registered and increased capital in the first half of the year, ranking eighth among 63 provinces and cities nationwide.

So far, the province has attracted a total of US$890 million in FDI capital.