Vingroup to invest $51 million in Hanoi smart electronics plant

The project, expected to be operational by the second quarter of 2019, is the first one to be implemented under a cooperation agreement between the Hoa Lac Hi-Tech Park (Hoa Lac HTP) Management Board and Vietnam’s biggest private conglomerate Vingroup.

According to the agreement, in the period 2018-2020 looking towards 2025, Vingroup will focus its investments on hi-tech manufacturing in the Hoa Lac HTP.

The corporation will invest in research and development, advanced technology, software, hi-tech industrial manufacturing, housing development, commerce and services in Hoa Lac.

The first project to be implemented under the agreement will be a "Smart Electronics Factory" in Hoa Lac. Construction will begin as soon as the group’s investment plan is approved by competent authorities.

The factory will be built on an area of five hectares. Once operational, it is expected to produce 3- 4 million smart electronics products a year, supplying both domestic and international markets.

Nguyen Viet Quang, vice president and CEO of Vingroup, said that smartphones will be the factory’s first product to debut in the market.

Minister of Science and Technology Chu Ngoc Anh said the Hoa Lac Hi-Tech Management Board is improving the HTP's infrastructure, providing the best conditions for investment, and creating a legal corridor to facilitate businesses.

These efforts are aimed at developing the Hoa Lac Hi-Tech Park into a smart-technology city, he said.

There are 87 investment licensed projects in Hoa Lac at present with total capital amounting to approximately VND78 trillion ($3.34 billion).

In 2018 alone, Hoa Lac has welcomed 10 licensed projects with a total registered capital of VND15.86 trillion ($678.74 million).