S. Korean Firm to Invest US$17Mln in Industrial Project in Quang Ninh

10:40:31 AM | 29/5/2006

South Korea’s Felix Technology Co., Ltd., one of South Korea’s biggest suppliers of stainless/carbon steel flanges, fittings and automotive parts and various kinds of forging products to overseas markets, will pour $17 million into a production project in northern Quang Ninh province.
A memorandum of understanding (MoU) to this effect was signed yesterday between Felix Technology Co., Ltd. and the province’s Industrial Parks and Foreign Investment Management Board.  
Accordingly, Felix Technology will pour its money into Yen Hung district to turn out products serving industries like shipbuilding, automobiles, petrochemistry and electricity plants.
Under the MoU, the Korean company will enjoy land tax exemptions for 11 years and duty-free imports of materials for the production of products destined for exports during its whole operating lifespan.
To date, Quang Ninh province has pulled in 73 FDI projects with total registered capital of more than $517 million.