The Vinh Phuc Provincial People’s Committee held a ceremony to grant the investment registration certificate to the Vietnam Lioho Machine Works Project.
Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh grants investment registration certificates to the Taiwanese investors
The project is invested by a two-investor consortium of Lioho Machine Works Ltd and Vietnam Precision Industry Co., Ltd No. 1, both from Taiwan. After studying and understanding the investment environment of Vinh Phuc, they officially proposed the project investment on 5.9 hectares in Thang Long Vinh Phuc Industrial Park. The project has a total investment capital of US$75 million or VND1,770 billion.
Speaking at the ceremony, Chairman of Vinh Phuc Provincial People’s Committee Le Duy Thanh thanked the investors for choosing to carry out their project in Vinh Phuc province. As the world and Vietnamese economies are still facing many difficulties, the project licensing represents the province’s efforts to conduct administrative reforms, improve the investment environment, and realize its investment attraction goals. The new investment brought Taiwanese-invested investment projects to 46 with over US$1.1 billion of investment capital in Vinh Phuc province.
He emphasized that the joint venture between two reputable automobile and motorcycle parts manufacturers continues to expand the success list of well-reputed automobile and motorcycle investors and helps make Vinh Phuc an industrial center, especially for the automobile and motorcycle industries, of the Red River Delta and the whole country.
Chairman Thanh requested relevant agencies and localities, especially the Vinh Phuc Industrial Zones Management Board and Binh Xuyen District People’s Committee, to support and facilitate investors in carrying out post-investment administrative procedures. He also asked them to regularly monitor, inspect and promptly support investors in solving problems arising out of the implementation process.
The Vietnam Lioho Machine Works Project was designed to produce nearly 750,000 auto and motorcycle parts per year. The project is scheduled to go into official production in January 2024.
The Vietnam Lioho Machine Works Project brought the total foreign direct investment (FDI) value in Vinh Phuc province to US$435 million in the first six months of 2023, equal to 108.75% of the full-year plan. This result reconfirms that Vinh Phuc is a safe, attractive and potential destination for domestic and foreign investors.
By Nguyet Tham, Vietnam Business Forum
Vietnamese
