Work starts on South Korea-funded electronic component factory in Vinh Phuc

Thursday, Oct 01, 2020 15:00

Delegates attend to the factory's ground-breaking ceremony. — VNA/VNS Photo

South Korean-funded YPE Vina Co Ltd and Korea Circuit Co Ltd began construction of an electronic component plant in Dong Soc industrial cluster in the northern province of Vinh Phuc on Wednesday.

Covering 13.5ha, the US$270-million factory will manufacture integrated circuits for Samsung and Apple, reported.

It is expected to become operational in June 2022 and create approximately 5,000 jobs.

Pledging to create the best conditions possible for investors, Vinh Phuc authorities asked them to ensure construction quality, prioritise employing local workers, transfer technology and organise training courses for their employees, among other tasks.

In October 2019, the two companies signed a memorandum of understanding on land lease at the industrial cluster, pledging to invest about $840 million in three phases.

The YPE Vina Co Ltd and Korea Circuit Co Ltd are subordinate companies of Young Poong Group. — VNS

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