The northern port city of Hai Phong has licensed two new Japanese-funded projects with a total registered investment of nearly US$100 million.
The first project to manufacture automotive anti-vibration components and moulds has a capital of US$84 million invested by Y-TEC Vietnam Co., Ltd, a joint venture between Vietnam’s Technofront and Yamashita Rubber of Japan.
The project is expected to be operational in September 2014.
The other project, valued at US$14 million, will build a factory to process steel and nonferrous metal products. Once operational in July 2014, the factory will produce 50,000 tonnes of products per year.
The JFE SHOJI Steel Haiphong Company will be responsible for implementing this project.
Haiphong is one of the favourite destinations for foreign investors. By the first quarter of this year, the city has had 350 active foreign-invested projects worth more than US$6.4 billion.