Northern Quang Ninh province granted investment licenses to two investors from Taiwan (China), the Boltun Corporation and the QST International Corporation, in the presence of Prime Minister Pham Minh Chinh on February 12.
The two will invest in a Boltun locking and stamping production project called Boltun Vietnam, with investment of $165 million. The project is expected to be implemented on 35.27 ha at the DEEP C Quang Ninh II Industrial Park.
It is divided into two phases with a total designed capacity of 60,000 tons a year. Phase 1 is expected to see construction begin in the second quarter of this year and will manufacture and supply locking and stamping products for leading electric car manufacturers in the US and Europe.
According to Mr. Kevin Hsu, Vice President and Chief Financial Officer at the Boltun Group, the quick and efficient investment licensing process of the Quang Ninh Economic Zone Authority helped them meet the urgent scheduling of the project due to rising demand among customers. This is one of the main factors in them deciding to invest in Quang Ninh province, along with an abundant land fund for industrial development and synchronous infrastructure.
The Boltun Corporation and the QST International Corporation have built and operated four factories in Taiwan (China), seven in China, and one in Germany. The new factory in Vietnam will expand its global supply chain network and support the group’s long-term growth strategy in Southeast Asia.
Boltun Vietnam is also involved in support industries for the automotive industry, which Quang Ninh is promoting to attract investment. The project is expected to promote the electric car manufacturing industry in the province and form a new automobile manufacturing industrial complex at the DEEP C Quang Ninh II Industrial Park.
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