Chinese investors have poured nearly $4 billion into Vietnam in January-November 2023. The Hanoi Ancillary Industry Business Association (HANSIBA) and N&G Group inked an agreement on December 6 with CMA, the association of Vietnamese, Indian and Chinese mobile phone companies, to strengthen Vietnam's electronics sector.

 

HANSIBA Chairman Nguyen Hoang (right) and CMA President Yang Shu Cheng at the signing of the agreement on December 6. Photo: Khac Kien/The Hanoi Times

Under the agreement, electronics manufacturers and suppliers to the aerospace, aquaculture, agriculture and forestry industries will increase the use of automated solutions in their production.

The agreement will also facilitate the companies' development of skilled workers and managers to operate the transferred technology to expand their chip production, precision engineering and circuit manufacturing.

HANSIBA Chairman Nguyen Hoang said the governments of Vietnam and Hanoi are providing incentives and other policies to attract foreign investment.

Hoang, who is also chairman of N&G Group, said the company will prepare modern and high-quality facilities in the north, central and south of Vietnam to enhance the implementation of the agreement.

He assured that the chip production and precision engineering complexes will meet international sustainability standards and promised to provide sufficient housing and other services for workers and specialists.

N&G Group also offers incentives to reduce rental fees, provide preferential administrative policies and sufficient supply of skilled workers for foreign investors, Hoang said.

CMA President Yang Shu Cheng said the association is known for its support for Chinese companies expanding overseas. He said the CMA has organized several training courses for these companies on Vietnam's logistics, legal, financial, customs and tax regulations.

He said that since December 2022, CMA has sent three groups of business executives and specialists to study the Vietnamese and Hanoi markets. The latest was in June 2023 with a delegation of 40 specialists and business representatives from eight companies.

The CMA member companies all have experience in high-tech industries, especially chip production, precision engineering, mobile parts manufacturing, and automation, he said.

Do Van Su, Deputy Director of the Department of Foreign Investment under the Ministry of Industry and Trade, hoped that the agreement would further strengthen the efforts of Chinese and international companies to train highly skilled Vietnamese workers.

He expected the foreign companies to help Vietnamese supporting businesses strengthen R&D activities, innovation and technology development, and increase their participation in global supply chains.

According to the official, Chinese investors have invested a total of nearly $4 billion in Vietnam from January to November 2023, ranking China fourth among foreign investors in Vietnam.

Over the past five years, Chinese investors have poured more than $27 billion into nearly 4,200 projects in Vietnam, ranking sixth among all 143 countries and territories.

Newspaper source: hanoitimes.vn

Agreement inked to boost electronics manufacturing in Hanoi