A factory manufacturing mechanical products, machinery and spare parts was inaugurated at Phu Vinh Industrial Park inside Vung Ang Economic Zone in the central province of Ha Tinh on Sunday.

Financed by UP Ha Tinh Co, the US$7.6-million factory is designed to produce 1,800 steel mills and rollers each year, along with 100 products of conveyer belt rollers, 500 tonnes of wear-resistant plates, and 800 tonnes of mechanical products per year.

In his speech at the opening ceremony, chairman of the provincial People's Committee Duong Tat Thang praised the investor’s efforts in completing the factory in line with its schedule.

The chairman described the factory’s operation as one of the starting points for the development of supporting industries in Vung Ang Economic Zone, saying that the plant will also help attract more domestic and foreign enterprises to come and survey investment opportunities in the zone.

Local authorities will continue to create the most favourable conditions for the investor and others in implementing their projects in the locality, he said.

The central province has set a target of luring 150 projects with total registered capital of about $2.5 billion by the end of this year, according to the committee.

The locality is now home to 1,183 projects, 1,108 of which were financed by domestic businesses with a total capital of more than VND107 trillion ($4.6 billion) while the remainder, worth more than $12 billion, were funded by foreign companies.

To date, 17 countries and territories have pumped investments into the province including Japan, South Korea, mainland China, Taiwan, Singapore, Hong Kong, Germany, the UK and the US. — VNS