2:33:03 PM | 8/5/2006
The People’s Committee of the northern Hai Duong province has issued an investment license for the Sudimen Vietnam Automotive Wire (SVAAW) to construct a US$100 million electric cable-producing plant.
The project, which will be built on an area of 90,000 sq.m, will employ some 8,000 local laborers.
The factory, the 11th work of the Japanese Sumitomo Electric Industries (SEI) to be built in an overseas country including Vietnam, will primarily specialized in producing power wires used for cars, SEI said and hoped to translate Vietnam into the largest country in the Southeast Asia by 2008 with revenues of US$270 million a year.
So far SEI has invested US$50 million into other two firms including Sumi-Hanel Wiring Systems established 10 years ago and the Sumidenso operating in the province for the third year and employing 4,000 workers with revenues of US$100 million in Vietnam.