At the ceremony, the Chairman of the People's Committee of Nghe An province, Mr. Nguyen Duc Trung, presented the investment registration certificate for the project of Innovation Precision Vietnam Co., Ltd. in the VSIP Nghe An integrated Township and Industrial Park, which is located in the Nghe An Southeast Economic Zone, to Shandong Innovation Metal Technology Group.
The project aims to produce aluminum alloys for the consumer electronics manufacturing and green energy industries, as well as semi-finished and cast aluminum products for the supporting industries of electronic products manufacturing, metal forging, stamping, and rolling, and processing high-value aluminum components with an annual capacity of 100,000 tons.
The total investment for the project is USD 165 million, expected to employ 1,500 workers, on a land area of approximately 11.78 hectares in the VSIP Nghe An Industrial Park, part of the Southeast Economic Zone. The project is scheduled to commence construction from August 2023, and it is expected to officially operate by October 2024.
Speaking at the ceremony, Mr. Nguyen Duc Trung, the Chairman of Nghe An province, emphasized two outstanding aspects of the project. First, it is the project with the highest investment rate per unit of land area, at VND 328.74 billion per hectare, which is currently the highest among FDI projects in the province.
Second, it is the FDI project with the fastest completion time for investment procedures. Specifically, it took only nearly 2 months from the time the group started surveying investment in Nghe An in early June 2023 until they were granted the investment registration certificate. Furthermore, the time from when the group submitted the investment proposal to the application of the investment registration certificate was just one week, i.e. 5 working days.
To achieve these results, according to the Chairman of the People's Committee of Nghe An province, in addition to the leadership and direction of the Provincial Party Committee and the Provincial People's Committee, there was significant and active contribution from various departments, sectors, and localities, especially the role of the Southeast Economic Zone Management Board.
"This also reflects the province's guidance in innovating and improving the investment environment, accompanying and creating the most favorable conditions for investors from the start of the survey until the project's operation. This effort has also led to positive results in attracting investment to Nghe An province recently. Up to now, Nghe An has attracted over 890 million USD of FDI, ranking 8th out of 63 provinces and cities nationwide," emphasized Mr. Nguyen Duc Trung, the Chairman of the People's Committee of Nghe An province.
In addition to these remarkable aspects, Nghe An is the first province where Shandong Innovation Metal Technology Group has chosen to expand its investment in the Vietnamese market.
