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A Chinese international cooperation agency plans to build a US$500 million facility in a central Vietnamese industrial park exclusively for Chinese investors.
Shenzhen International Cooperation (CSICC) and the Danang city Industrial Parks Authority signed an agreement earlier this week to build the 50ha facility in the Hoa Khuong IP.
Details are yet to be announced.
Elsewhere in Vietnam, China’s Midea opened last Tuesday an electronics factory in the southern Binh Duong Province.
The $25 million plant will manufacture household appliances like rice cookers, microwave ovens, and fans. Churning out five million products annually, it will be a strategic production base to cater to Southeast Asia.
The company hopes to capitalize on Vietnam’s rapidly growing consumer market and small local manufacturing base.
Midea said Southeast Asia was an important market accounting for 70 percent of its exports last year.
Midea’s sales in Vietnam were worth some $100 million last year.
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