Victory Giant Technology, a China-based company specializing in electronic components and printed circuit boards, has chosen northern Bac Ninh province as the site for a plant costing $400 million.

The news was revealed at a meeting between company Chairman Tao Chen and the Secretary of Bac Ninh Provincial Party Committee Nguyen Anh Tuan last week.

Mr. Tao Chen said Victory Giant Technology is a major Chinese company principally engaged in the manufacture and sale of electronic components and printed circuit boards using the latest technologies and has partners and customers in many countries worldwide.

After a long period of research, it decided to build the plant at VSIP Bac Ninh industrial park with total investment of $400 million. It is expected that annual production value will reach about $1 billion once in operation.

Secretary Tuan said the Chinese community, including enterprises, accounts more than 50 per cent of the number of foreigners staying, studying, or working in the province and makes a positive contribution to local socio-economic development.

Authorities are mindful to create favorable conditions for enterprises to sustainably and effectively conduct business in the province, as their success is the province’s success.

Speaking highly of the project’s feasibility, he said the investment will help Bac Ninh take the lead in developing its electronics industry.