Manufacturing News 29/03/2024, 07:54

Quang Ninh: Added $57 million bearing factory project

Amata City Ha Long Joint Stock Company will lease the land use right to IKO Thompson Vietnam Co., Ltd. to implement a project to build a bearing and linear motion equipment factory.

Quang Ninh: Added $57 million bearing factory project

Signing ceremony for the land use right sublease agreement between Amata City Ha Long and IKO Thompson Vietnam.

On March 11, in Quang Yen Town (Quang Ninh), Amata City Ha Long JSC and IKO Thompson Vietnam Co., Ltd. signed a lease contract for land use rights to implement investment projects in Song Khoai Industrial Park.

According to the signed contract, Amata City Ha Long JSC will lease the land use right to IKO Thompson Vietnam Co., Ltd. with an area of 3 hectares in Song Khoai Industrial Park to implement a project for the construction of a bearing, and linear motion equipment manufacturing factory.

IKO Thompson Vietnam Co., Ltd. is expected to commence construction of the factory by mid-2025 and start production in early January 2026, with a designed capacity of 930 tons of products per year. The total investment is 57 million USD.

This is an investment project in the field of processing - manufacturing industry, high technology, thereby contributing to bringing this field to stronger development steps, affirming the improvement in the investment and business environment of Quang Ninh province.

Song Khoai Industrial Park is planned with a land use area of 714 hectares, divided into 5 stages of land clearance and investment, ending infrastructure investment in 2026. Currently, Song Khoai Industrial Park is deployed by Quang Yen Town in 4 stages and has been completed and handed over to the investor for 385.72/714 hectares, reaching 54.02%.

Up to now, Song Khoai Industrial Park has attracted 15 secondary FDI projects, with a total registered investment capital of over 2.3 billion USD, a total land use area of 132.5ha, and an average investment capital of 17.98 million USD/ha of industrial land. In 2023, the Industrial Park attracted 13 new FDI projects and adjusted two projects to increase capital by 5 million USD, with a total investment capital attracted of over 1.4 billion USD, and the area of used land is 107ha.

CONG THUONG/ TRANSLATOR: NGỌC ÁNH
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