Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Corporate News
US$165 million aluminum alloy plant to be built at VSIP Nghe An
Son Nguyen 14:35, 2023/08/02
Work on the project will begin this month and the plant will be fully operational in October 2024.

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.

TAG: Vietnam news vietnam foreign investment Vietnam FDI VSIP Nghe An aluminum alloy plant
Other news
16:05, 2023/11/15
AkzoNobel promotes sustainable practices in real estate industry
AkzoNobel has not only strived to develop eco-friendly paint and coating solutions but also emphasized promoting sustainable development in Vietnam by collaborating with like-minded partners to honor innovative initiatives.
13:30, 2023/11/10
Uniqlo opens another store in downtown Hanoi
It's Uniqlo's 10th store in the capital city.
22:12, 2023/11/02
Prime Ministers witness signing ceremony of Signify-NIC cooperation agreement
NIC and Signify will collaborate with local authorities in Vietnam to promote innovation in agriculture and advanced technology.
13:11, 2023/11/01
Maxilite's "Vietnam Favourite Colour" collection beautifies Vietnamese homes
The "Vietnam Favourite Colour" collection features four unique color themes: Pink Lotus, Golden Rice, Green Tea Hills, and Blue Sea, each capturing the spirit of Vietnamese beauty.
22:58, 2023/10/31
Hanoi Railway Transport posts record revenue
This year, the company is focusing on improving service quality and collaborating with major travel agencies in Hanoi to attract foreign tourists.
22:57, 2023/10/25
Vietnam has new IDC data center in Hoa Lac
This is the 8th data center of the Vietnam Posts and Telecommunications Group (VNPT).