Taiwan (China)’s Pegavision Corporation held a breaking-ground ceremony on March 5 for its Pegavision Vietnam factory at the Lien Ha Thai Industrial Park in northern Thai Binh province.

Attending the ceremony was Deputy Prime Minister Tran Luu Quang, who is also a Member of the Party Central Committee, and leaders from a number of central ministries and departments as well as Thai Binh province.

The Pegavision Vietnam factory will specialize in the manufacturing of contact lenses and medical optical equipment with a designed capacity of 600 million items a year. Total investment stands at $200 million. Once in stable operations, the project’s annual revenue is expected to be around VND2.8 trillion ($113.06 million), with approximately VND86 billion ($3.42 million) contributed to the State budget each year. Some 1,140 jobs will also be created. The investor and the general contractor aim to complete the construction and installation of machinery in the first phase of the project by the fourth quarter of this year, and will commence the second phase in the fourth quarter of 2027.

Speaking at the ceremony, Mr. Nguyen Quang Hung, Member of the Thai Binh Provincial Party Standing Committee and Standing Deputy Chairman of the Thai Binh Provincial People’s Committee, said this is an important project, and the breaking-ground ceremony also celebrates the announcement of provincial planning for the 2021-2030 period and vision to 2050, to create momentum and attract investment for the province’s development from the early days of spring.

To ensure the quick completion and operation of the Pegavision Vietnam factory and to maximize investment effectiveness, Mr. Hung requested that the investor concentrate resources on construction to ensure the committed quality and progress, to comply with Vietnamese law, and to strictly adhere to construction standards and regulations, ensuring quality, construction safety, workplace safety, and environmental hygiene.

The Thai Binh Provincial Management Board of Economic Zones and Industrial Parks, along with departments and agencies, will continue to pay attention to the project and create the most favorable conditions possible, offering timely support to the investor in resolving any emerging issues during project implementation to boost investment progress.

Previously, on July 5, 2023, the Green i-Park Joint Stock Company and the Pegavision Corporation signed an MoU on land lease and infrastructure for the project. Mr. Yang Te Sheng, General Director of the Pegavision Corporation, told the ceremony that the company operates in the research and development and production of soft contact lenses and medical optical equipment, and this particular industry uses advanced, modern technology that is environmentally friendly.

The Pegavision Corporation is looking to expand its investment in Vietnam, and believes that the Lien Ha Thai Industrial Park holds many strengths in terms of transportation links, infrastructure, and investment policies, with a suitable industrial land area. It therefore decided to cooperate with the Green i-Park Joint Stock Company to lease 10 ha of land for its project, with total investment of $200 million. Once operational, it is expected to facilitate the breakthrough development of the Pegavision Corporation and contribute to Thai Binh’s socio-economic development.