Sumitomo Electric Industries (SEI), under Japanese keiretsu Sumitomo, will invest an additional $27.4 million in two projects for manufacturing flexible circuit boards in the capital city of Hanoi.

Hanoi authorities have granted investment registration certificates to Sei Electronic Components (Vietnam), Ltd., a subsidiary of SEI.

Of the additional investment, $22.4 million will go to one of the duo, raising total investment in it to $220 million.

This is the 16th adjustment being made to this project, which started in 2002. It has an annual capacity of 900,000 square meters of flexible circuit boards, equivalent to 405 tons; and 2.52 million packaging trays.

The facility will expand to 8.8 hectares at the Thang Long Industrial Park, a facility invested by Sumitomo Corporation.

SEI will invest $5 million in the other project, raising the total investment therein to $45.2 million. The latest investment will be its eighth adjustment since 2022. The facility has an annual output of 130,000 square meters, or 53 tons.

This facility will expand to 5,271 square meters, also at the Thang Long Industrial Park.

The entire output of both projects will be exported.

In the first seven months of this year, Hanoi attracted $1.3 billion in registered FDI, up 65% year-on-year. This included 143 new projects with a registered capital of $1.1 billion, additional capital of $138 million in 102 existing projects, and 118 capital contributions and share acquisition deals worth $77 million.

Source: The Investor
30/07/2024