The U.S.’s Tyco Electronics Group July 30 received an investment license from northern Bac Ninh province’s authority to build a US$35-million plant in Que Vo Industrial Park, a local official said Thursday.
He said the plant will produce electronic equipment and passive electronic components to serve Tyco Electronics clients in Vietnam and Asia.
The official added that the province has granted 6.5 hectares for Tyco’s project and may provide an additional 28 hectares for the firm’s investment expansion to some US$500 million after 2010.
Construction on the factory is scheduled to begin in early August. When operational in 2009, it is expected to create 2,000 jobs.
The provincial authority has pledged to offer favorable conditions for Tyco to carry out the project, he said.
According to the official, Bac Ninh is listed in the country’s top ten localities in attracting foreign investors with US$1.2 billion, including big names such as Samsung, Canon and Foxconn which have built plants to produce mobile phones and electronics for export.
The province, 40 kilometers north of Hanoi, Bac Ninh has four operational IPs, namely Tien Son, Que Vo I, Dai Dong-Hoan Son, and Yen Phong.
Tyco Electronics is one of the leading electronic component providers with turnover of US$13 billion in 2007. The company now has sale agents in 150 countries and territories
According to a report from the German-based international market research institute, GfK, Vietnamese people spent US$1.34 billion buying household electronic and IT products last year, up 43 per cent against 2006.
Of the sum, household electronics products accounted for US$641 million and IT products held the rest of US$700 million, GfK said.
Vietnam targets export revenues of electronic products of US$6 billion by 2010 from current US$3 billion. (VNA)
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