Vietnam Receives New Automotive Project License In Quảng Ninh
Funded by Boltun Corporation, one of the world’s largest suppliers of auto fasteners and metal parts, and QST International Corporation, this Vietnam automotive investment project aims to produce components for US and European electric vehicle manufacturers.
Source: Vietnam News
An Investment Registration Certificate worth US$165 million has been granted to Boltun fastener and stamping articles manufacturing project (Boltun Vietnam). Funded by Boltun Corporation, one of the world’s largest suppliers of auto fasteners and metal parts, and QST International Corporation, the new Vietnam automotive project aims to produce components for US and European electric vehicle manufacturers.
The Taiwanese investors will build a 35.27-ha facility in Bắc Tiền Phong Industrial Zone, developed by DEEP C in Quảng Yên Coastal Economic Zone. The project will be executed in two phases with a total capacity of 60,000 tons per year. Construction of the first phase is set to start in Q2 2023.
Boltun Corporation and QST International Corporation operate four factories in Taiwan, seven in China, and one in Germany. This new factory in Vietnam will expand its global supply chain network and support its long-term growth strategy in Southeast Asia.
Kevin Hsu, Vice President & CFO of Boltun Group, said: “The swift and efficient licensing process by Quảng Ninh Economic Zone Authorities has helped us achieve our new tight automotive project timeline driven by the growing demand of our clients. This is among the major factors in our decision to invest in Quảng Ninh, with abundant land supply for industrial development and state-of-the-art infrastructure.”
Quảng Ninh has topped the national ranking of the most business-friendly province for five consecutive years. To make Quảng Ninh one of the top investment locations in Vietnam, the province is stepping up the efforts to fasten the administrative procedures to provide investors with timely support. In this case, it would be for Vietnam automotive project.
Boltun Vietnam operates in the auto supporting industry, a sector in which Quảng Ninh is accelerating investment attraction. The project is expected to encourage the development of electric-vehicle waves in Quảng Ninh and form a new auto hub within Bắc Tiền Phong Industrial Zone.
From an industrial park developer’s perspective, Koen Soenens, General Sales & Marketing Director of DEEP C Industrial Zones, said: “The rapid growth in demand is driving auto manufacturers and their supply chain to invest in Vietnam to tap into a market of nearly 100 million consumers. In 2022, more than 20 per cent of land lease requests we received were related to automotive, making it the third largest industry in DEEP C after electronics and petrochemicals.”
“In 2023, DEEP C will focus on building the infrastructure of Bắc Tiền Phong Industrial Zone to be ready for large hi-tech projects. Having the high-quality infrastructure in place is one of the important factors for DEEP C to contribute to Quảng Ninh’s 2023 target of attracting US$1.2 billion in foreign investment into its industrial and economic zones.”
The granting of an Investment Registration Certificate for Boltun Vietnam at the beginning of 2023 marks a promising sign of a new investment wave in the province.
DEEP C is a cluster of industrial zones developed and operated by Infra Asia Investment Hong Kong, majority owned by Belgian company Ackermans & van Haaren in Hải Phòng and Quảng Ninh Province, the fastest-growing region in Vietnam.
DEEP C is currently the only European-managed industrial zone developer in Vietnam, operating on a scale of 3,400 ha of land near the Lạch Huyện deep sea port in the North of Vietnam.
Bắc Tiền Phong Industrial Zone, covering 1192.9ha of land, is jointly developed by DEEP C and Hateco Group Together in Quảng Yên Coastal Economic Zone, Quảng Ninh Province. It aims to become an all-in-one industrial zone, integrating a dedicated (petro) chemical park and a built-in seaport complex with general cargo terminals and liquid jetties. The goal is to accommodate an array of industries while leveraging tenants’ logistics advantages on top of the excellent connectivity.
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