Japan’s Meiko Group, a manufacturer of printed circuit board (PCB), will invest $450 million more in its Hoa Binh factory in Phu Tho province of Vietnam, raising the total investment to $800 million.
Meiko received an investment certificate for the move on Tuesday (November 10), the Japanese firm said in a statement on Thursday. The plant is run by Meiko Electronics Hoa Binh Co., Ltd., at the Bo Trai Song Da industrial park.
Da Hop JSC, the operator of Bo Trai Song Da industrial park, said the expansion will raise annual PCB output from 180,000 square meters to 261,000 square meters in the second phase. Once fully operational, the factory’s annual capacity can reach 504,000 square meters.
In its statement, Meiko said the investment certificate was granted during Vietnamese General Secretary-State President To Lam’s visit to its headquarters in Kanagawa, Japan. Meiko also signed a memorandum with Vietnam National University Hanoi on internships and research, and a strategic cooperation agreement with GTINX, an industrial technology company under the Ministry of Public Security.
Meiko was founded in Japan in 1974 and began investing in Vietnam in 2006. It began building its first plant in 2008.
Phu Tho province has so far attracted investments of $2.3 billion from Japan businesses, including Toyota, Honda, Sumitomo, and Sojitz.