A $120 million plant invested by Thailand in Thai Binh province
The new project from Yuan Long International Limited marks a milestone in the northern province's efforts to attract FDI.
Yuan Long International Limited from Thailand has been granted with an investment registration certificate to implement the Yuan Long Vietnam factory project in the Lien Ha Thai Industrial Park, in Thai Thuy district of northern Thai Binh Province, according to an announcement by the Management Board of Industrial Parks of the province.
This project includes a factory specializing in manufacturing ceiling fans and related components, which will cover an area of 15.6 hectares, with a total investment capital of up to $120 million.
The project will be divided into two phases. The first phase is expected to be completed and operational by the fourth quarter of 2025, while the second will be finished by the end of 2028.
Once fully operational, the Yuan Long Vietnam factory is expected to generate an annual revenue of approximately more than $125 million and contribute around $10.59 million per year to the state budget after the preferential period.
The project is expected to create about 4,500 jobs, thus making a significant contribution to the socio-economic development of Thai Binh province.
In the first 10 months of 2024, total capital invested in the Economic Zone and Industrial Parks in Thai Binh province reached $727 million, of which, $660 million are from 25 new projects.
Overall, in Thai Binh province, total newly registered foreign direct investment (FDI) in the first 10 months of the year reached $958.02 million, up 71.4 per cent compared to the same period last year, with 34 new projects licensed.
Thanks to effective investment attraction efforts, Thai Binh has risen to 11th position nationwide in FDI attraction, affirming the province’s potential and appeal to international investors. Many FDI projects not only generate significant revenue for the province but also help drive industrial development, thus enhancing Thai Binh’s competitiveness, and improving its investment attraction capacity, affirming its critical role in the economic development landscape of northern Vietnam.
