Sanhua Việt Nam Company Limited held an inauguration ceremony for the second phase of its factory. — Photo haiphong.gov.vn

Sanhua Việt Nam Company Limited held an inauguration ceremony for the second phase of its factory at An Duong Industrial Park in An Duong District, Hải Phòng City on Wednesday.

The project, led by Sanhua Việt Nam Company Limited (Sanhua Holdings Group), began investing in Hải Phòng in 2018. Its initial focus was on manufacturing air conditioning valves and related products and components, with a factory covering over 7,000 square metres.

After successfully commencing operations in phase one, the investor decided to fund modern production lines to manufacture high-quality products on a 13-hectare site. The total adjusted investment has reached US$60.8 million.

As of now, the first phase has been operating effectively, while the second phase has been completed and is set to begin operations ahead of schedule.

“Sanhua Việt Nam has now been in operation for six years. In 2021, we invested over $50 million to build the first phase of the factory and expand production capacity. In 2023, we continued with an additional $60 million investment for the second phase of construction,” Yu Li Jun, General Director of Sanhua Việt Nam, said.

With the support of Hải Phòng authorities and related departments, the company has increased investment, expanded production, boosted output and become a key link in Sanhua Group's global operations, he added.

Meanwhile, Lê Trung Kiên, head of the Hải Phòng Economic Zones Management Board, emphasised that the achievements of Sanhua Việt Nam and other Chinese businesses in the city prove that Hải Phòng is a prime destination for investment and business.

“It also strengthens bilateral cooperation between Việt Nam and China, especially between Hải Phòng and Shenzhen,” he said.

According to the Hải Phòng Economic Zones Management Board, the city currently has more than 100 investment projects from China, with a total capital of $12 billion, accounting for 40 per cent of the $40 billion in FDI across the city. — VNS