Korean Nexen Tech plans VN factory

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Nexen Tech Ltd Co from the Republic of Korea will begin construction of its first factory at the Gia Phu Industrial Complex in the northern Ninh Binh province in July.

Nexen Tech Ltd Co from the Republic of Korea will begin construction of its first factory at the Gia Phu Industrial Complex in the northern Ninh Binh province in July.

Nexen Tech Ltd Co from the Republic of Korea will begin construction of its first factory at the Gia Phu Industrial Complex in the northern Ninh Binh province in July.

Earlier last week, the company inked a memorandum of understanding with the construction firm Hoang Dan - the complex’s investor - on a land lease for the factory, baodautu.vn reported.

The factory will manufacturing wiring harnesses - Nexen Tech ’s flagship product with a production volume of about 450,000 products a year - used in large and small buses as well as battery module harnesses and electric vehicle charger cables.

The company said it plans to provide more products for automakers in Southeast Asia who are rapidly growing, and then expand outside of Asia to reach the global market. Nexen Tech is currently operating two other factories in Qingdao, China.

Nexen Tech’s managing director Kim Jeong Hoon described the establishment of the plan in Viet Nam as an another step for his company to tap into Southeast Asian markets. — VNS

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