Vingroup was approved to invest in an auto parts manufacturing complex in Quang Ninh
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Vinhomes Industrial Zone Investment Joint Stock Company has just been approved to invest in the project of industrial production complex south of Luc Lam river with the scale of 199.8 ha and total investment of 3,445 billion dong.

VinFast automobile production complex in Hai Phong of Vingroup. (Photo: vinfastchevroletsaigon.vn)

The People’s Committee of Quang Ninh Province has just issued a decision on investment guidelines for the project of industrial production complex south of Luc Lam river in Hai Hoa ward, Mong Cai city, Quang Ninh province.

Accordingly, the project has an area of 199.8 hectares of land use; total investment 3,445 billion. The investor of the project is Vinhomes Industrial Zone Investment JSC (VHIZ).

The objective of the project is to produce and assemble automotive components, accessories and spare parts. The main construction items are the complex of factories producing and manufacturing car components and spare parts; Works operator, office, distribution business; Yard gathering products, logistics.

Regarding the scale of capacity, phase 1 will produce 500,000 sets of components and auto parts / year. Synchronously invest in other related items such as executive offices, warehouse systems, logistics warehouses, etc.

Phase 2 will increase capacity to 1,000,000 sets per year. At the same time, increasing the local content of auto spare parts and components to 50% by calling for investment cooperation with strategic investors and foreign investors to invest in industrial factories.

Regarding the progress of the project, Phase 1 (2020 – 2022) will complete procedures for investment, site clearance and land lease (quarter II – III / 2020). To complete construction investment in 2021 and complete the installation of machinery, equipment, production lines and production operations in the first quarter – 2020. Phase 2 of the project will be implemented from 2023 – 2025.

The operation duration of the project is 50 years from the day on which the competent authority approves the decision on investment policies.

The PPC requested Vinhomes IZ to contribute capital and raise capital fully according to the committed content. Implementing the deposit guarantee to implement investment projects as prescribed. Deploy construction investment in accordance with the scale and other relevant contents approved by competent authorities,

Besides, the Economic Zone Authority is assigned to issue the project investment registration certificate as prescribed; monitoring the progress of the project. Department of Natural Resources and Environment cooperates with relevant units to advise the provincial People’s Committee, guide investors to carry out procedures for changing the purpose of land use, land allocation and land lease according to regulations.

A few days ago, the Party Affairs Committee and the Standing Committee of Quang Ninh People’s Committee had a meeting to listen and comment on the investment proposal of an industrial production complex south of Luc Lam River of Vinhomes Industrial Zone Investment JSC.

Accordingly, the People’s Committee of Quang Ninh Province assigns the Management Board of the provincial economic zone to coordinate with the investor in early finalizing the project’s documents and procedures to report to the Standing Committee of the Provincial Party Committee for consideration and decision.

Source: vietnambiz.vn