Chinese electronics maker Universal Scientific Industrial (USI Shanghai) Co. will invest $200 million to build a factory in the northern Vietnamese port city of Hai Phong to manufacture products for export.
Universal Scientific Industrial Vietnam Co., a wholly owned subsidiary of a Hong Kong unit of the Chinese maker, has gained a license from local authorities for the investment in the Dinh Vu Industrial Zone in the city.
The Shanghai-listed firm, which makes print circuit boards and various electronic devices and modules, has picked the neighboring country for production to benefit from low labor costs, tax incentives and geographic locations for shipments overseas in its broader efforts to diversify and globalize operations, it said in a statement released early this month. Production items have yet to be disclosed.
The planned factory will be built on a 65,000 square-meter site in the industrial park, also known as the DEEP C Industrial Zone, for scheduled operation in May 2021, according to a local report by Baodautu Online.
The Chinese company mainly focuses on design, manufacture, miniaturization in mobiles and wearable electronic gadgets and after-service for electronic devices for brand owners. It has manufacturing bases in China, Taiwan, Mexico and Poland, according to the firm.