HCMC - Chinese-invested Innovation Precision Vietnam has secured approval to build a US$165 million aluminum factory in the north-central province of Nghe An.

The aluminum factory will cover 17,800 square meters of land in the VSIP Nghe An Industrial Park, and have an annual production capacity of 100,000 tons of aluminum, according to the Nghe An People’s Committee. The project will supply aluminum alloys and semi-finished casting products to the electronics industry and metal forging, while also providing high-quality processed aluminum components. The factory is scheduled to commence operations in October next year, generating employment for 1,500 workers. Thoi Quoc Xuong, general director of Innovation Precision Vietnam, said this venture marks the first plant developed outside of China by Shandong Innovation Metal Technology, the parent company of Innovation Precision Vietnam. This foreign direct investment (FDI) project obtained an investment certificate within a week of its proposal submission. Nghe An Province has attracted over US$890 million in FDI this year, positioning it among the top eight localities with the highest FDI attraction nationwide.