South Korea’s CS Wind, a major wind power equipment maker, will invest $200 million in a factory in Vietnam’s Mekong Delta province of Long An, making it among the biggest investments in the sector globally.

CS Wind and Long An-based Dong Tam Group, a major construction material firm, signed a memorandum of understanding for the investment on Tuesday. The Vietnamese firm will lease 50 hectares within its Dong Nam A Long An Industrial Park to the South Korean company.

The project is CS Wind’s second project in Vietnam, after one in the southern coastal province of Ba Ria-Vung Tau. Its annual output can reach tens of thousands of units. Initially, all of the project’s products, 150,000-200,000 tons per year, are exported via Long An International Port.

Speaking at the signing ceremony, Long An Vice Chairman Huynh Van Son affirmed provincial authorities would facilitate the project, in line with the province’s priority of attracting investments into industrial parks.

Registered foreign direct investment (FDI) in Vietnam hit $20.52 billion in the first eight months of the year, up 7% year-on-year, according to the Ministry of Planning and Investment. Long An province ranked 12th with $579.2 million, tripling year-on-year.

In March, CS Wind Vietnam, a unit of South Korea’s CS Wind, inaugurated an $80 million offshore wind tower factory in Vietnam’s southern coastal province of Ba Ria-Vung Tau. Covering 24 hectares, the facility’s output of wind towers can reach 360,000 tons a year, making it the largest in Southeast Asia. Besides, the facility plans to enlarge the size of the towers it produces from 7.5 to 10 meters.

Source: theinvestor
10/09/2024