Quang Ninh welcomes a new automotive project

10:21:42 AM | 2/13/2023

Under the witness of Vietnam Prime Minister Pham Minh Chinh, the Investment Registration Certificate worth $165 million was granted for Boltun fastener and stamping articles manufacturing project (“Boltun Vietnam”) on 12 February 2023 in Quang Ninh. Funded by Boltun Corporation, one of the world’s largest suppliers of auto fasteners and metal parts, and QST International Corporation, the project aims to produce components for US and European electric car manufacturers.

The Taiwanese investors will build a 35.27-ha facility in Bac Tien Phong Industrial Zone, developed by DEEP C Industrial Zones in Quang Yen Coastal Economic Zone. The project will be executed in two phases with total capacity 60,000 tons per year. Construction of the first phase is set to start in Q2 2023.

To date, Boltun Corporation and QST International Corporation have been operating 04 factories in Taiwan, 07 in China, and 01 in Germany. This new factory in Vietnam will expand their global supply chain network and support their long-term growth strategy in Southeast Asia.

Kevin Hsu, Vice President & CFO of Boltun Group said: “The swift and efficient licensing process by Quang Ninh Economic Zone Authorities has helped us achieve our tight project timeline driven by the growing demand of our clients. This is among major factors in our decision to invest in Quang Ninh, together with abundant land supply for industrial development and state-of-the-art infrastructure.”

Quang Ninh has topped the national ranking of the most business-friendly province for 5 consecutive years. With the strong will to make Quang Ninh one of the top investment locations in Vietnam, the province is stepping up the efforts to fasten the administrative procedures to provide investors with timely response and support.
Boltun Vietnam is operating in auto supporting industry, a sector that Quang Ninh is accelerating investment attraction into. The project is expected to encourage the development of electric-vehicle wave in Quang Ninh and give way to the formation of a new auto hub within Bac Tien Phong Industrial Zone.

From an industrial park developer’s perspective, Koen Soenens, General Sales & Marketing Director of DEEP C Industrial Zones said: “The rapid growth in demand is driving auto manufacturers and their supply chain to invest in Vietnam to tap into a market of nearly 100 million consumers. In 2022, more than 20% of land lease requests we received were related to automotive, making it the third largest industry in DEEP C after electronics and petrochemicals.”

“In 2023, DEEP C will focus on building the infrastructure of Bac Tien Phong Industrial Zone to be ready for large hi-tech projects. Having high-quality infrastructure in place is one of the importantfactors for DEEP C to contribute to Quang Ninh’s 2023 target of attracting $1.2 billion in foreign investment into its industrial zones and economic zones.”

The granting of Investment Registration Certificate for Boltun Vietnam at the beginning of the year 2023 marks an promising sign of a new investment wave into the province.

Source: Vietnam Business Forum