9:49:53 AM | 9/9/2024
CNCTech Group and Korean firm Signetics formalized a cooperation agreement to advance the development of a US$100-million semiconductor manufacturing facility. The project will be located in Ba Thien Industrial Park - Section I, in Vinh Phuc province.
The signing ceremony of cooperation agreement between CNCTech Group and Korean firm Signetics
Speaking at the signing ceremony, Chairman of Vinh Phuc Provincial People's Committee Tran Duy Dong affirmed that the cooperation agreement between CNCTech Group and Singetics Joint Stock Company on the construction of a semiconductor manufacturing factory is proof that Vinh Phuc continues to be an attractive destination for investors in general and South Korean investors in particular. Emphasizing the view that “Investors in Vinh Phuc are citizens of the province, the success of businesses is the success of the province”, he pledged to continue improving the investment and business environment, accompany and stand side by side with investors all the time and create all favorable conditions for investors in general and South Korean investors in particular.
South Korean investors are strategic investment partners of Vinh Phuc province thanks to their largest total investment fund and the most investment projects in the province, he said. Dong highly appreciated their respect to the law in Vinh Phuc, adding that the investment of Signetics Joint Stock Company is consistent with the province’s high-tech development orientation.
To carry out the semiconductor manufacturing factory project of Signetics Joint Stock Company smoothly and effectively, Chairman Dong asked relevant agencies and localities to work closely with the investor and enable it to speed up the project progress and bring it into operation soon. He suggested the investor and its contractors focus all resources on implementing the project as scheduled, urging them to abide by regulations on investment, construction, environment, labor safety and other aspects in factory construction and operation. The factory is planned to have the first product in October 2025. At the same time, he hoped that, in the coming time, Young Poong Group will continue to research and implement high-tech industrial projects in Vinh Phuc and act as a bridge to woo South Korean partners and investors to invest in the province.
A representative of Signetics Joint Stock Company said: Previously, the company sought investment opportunities in Vietnam and chose Vinh Phuc province to locate its project for its advantages in geography, transportation, and investment incentive policies. At the same time, the company picked CNCTech Group as its strategic partner in the construction of the US$100-million semiconductor production facility.
Mr. Nguyen Trung Kien, Vice Chairman of the Board of Directors of CNCTech Group, said: CNCTech is a leading supporting industrial production company in Vietnam and the company is a major investor and developer of industrial infrastructure in Vinh Phuc province, with over 600 ha of land for industrial park infrastructure. In industrial infrastructure services, the firm provides comprehensive industrial solutions for investors such as legal support for foreign investors in Vietnam, turnkey design and construction, support for equipment import and worker recruitment.
According to the cooperation agreement, Signetics Joint Stock Company will invest in the US$100-million semiconductor manufacturing factory on over 5 ha in Ba Thien Industrial Park - Section I. After legal procedures on investment and construction are completed, the company will embark on the construction of this facility, start production by the end of this year and strive to have the first product in October 2025. The project is expected to become a strong magnet to draw South Korean investors to Vinh Phuc province.
By Nguyet Tham, Vietnam Business Forum
Vietnamese
October 2024
Hanoi
