Nghệ An licenses $165 million aluminum alloy factory

Wednesday, Aug 02, 2023 16:07

At the ceremony. — Photo

The People's Committee of Nghệ An Province has approved Chinese Innovation Precision Việt Nam Co to build an aluminium alloy plant worth US$165 million in the locality.

Covering 11.78ha in the Việt Nam-Singapore Industrial Park, the plant will have an annual production capacity of 100,000 tonnes once operational in October 2024.

Local authorities said that this was a foreign-invested project which has completed investment procedures in the fastest time, in just two months.

A report from the Ministry of Planning and Investment's Foreign Investment Agency revealed that Nghệ An has to date, attracted $890 million worth of foreign investment.

In H1 alone, the province attracted US$725.4 million in foreign investment, ranking eighth among the 63 provinces in the country.

The province is implementing solutions to attract more investment with a focus on hastening the development of projects in the Southeast Economic Zone and other IZs and improving its ranking of indicators such as the provincial competitiveness index, the provincial public administration index, and the administrative reform index.

By the end of 2023, the locality will coordinate with developers of Việt Nam-Singapore Industrial Park and WHA IZ to call for investment into these zones.

It also strives to attract from 100 to 120 projects with a total combined investment capital of about VNĐ32 trillion to VNĐ35 trillion in 2023, of which $500-600 million will come from foreign investors. — VNS

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