HCMC – The construction of an auto parts manufacturing plant in the Mekong Delta province of Vinh Long, which requires nearly VND1.2 trillion in investment, has begun.
The provincial government in coordination with Fukurawa Automotive Vinh Long Vietnam Company (FAVV) held a groundbreaking ceremony for the project on October 12, reported VietnamPlus news site.
The facility spans 100,000 square meters in the Binh Minh Industrial Park in My Hoa Commune, Binh Minh Town. It will manufacture and export 100% car spare parts for a score of global auto brands and will not serve the domestic market.
The project will be implemented in three phases and is expected to be completed in 2023. It is also set to recruit and train 6,000 local employees and those living in the neighboring localities.
Once completed, it will benefit the province by contributing to the local budget, attracting more foreign investors and promoting the socio-economic growth of the province, especially the delta.
Furukawa Automotive Systems Company, which owns FAVV, was founded in 1950 and is one of the top manufacturers of wire harnesses for cars in Japan.
The Japanese firm tapped the local market in 1996 by developing the Furukawa Automotive Parts Vietnam Factory in HCMC’s Tan Thuan Export Processing Zone. In 2008, it built the Furukawa Automotive Systems Factory in Ben Tre Province.