Innovation Precision Vietnam, a unit of a Chinese manufacturer, has received licenses to build a $165 million aluminum factory in the central province of Nghe An.
The company, a subsidiary of aluminum products manufacturer Shandong Innovation Metal Technology, will build a plant with the capacity to produce 100,000 tons of aluminum a year, according to Nghe An’s People’s Committee.
It is set to begin operations in October next year and will create 1,500 high-skilled jobs.
Innovation Precision Vietnam received all its licenses within only two months of its representatives first entering the province to consider investing.
This will be the first plant that Shandong Innovation Metal Technology has built outside of China.
Shandong was established in 2002 and is among the 500 biggest manufacturers in China.