Kinh Bac Urban Development Joint Stock Co. on Dec. 19 began the second phase construction of Que Vo Industrial Zone (IZ), estimated to cost 598.4 billion VND (37.3 million USD) in the northern province of Bac Ninh.

The inauguration ceremony was witnessed by Deputy Prime Minister Pham Gia Khiem; Deputy Minister of Planning and Investment Nguyen Bich Dat; Bac Ninh provincial People’s Committee Chairman Tran Van Tuy and Kinh Bac Co chairman cum general director, Dang Thanh Tam.

Addressing the event, Bac Ninh provincial People’s Committee Chairman Tran Van Tuy highly applauded the contribution of Que Vo IZ to the province’s socio-economic development in the past five years.

As of 2005, the zone’s foreign direct investment (FDI) accounted for 90 percent of total FDI registered in Bac Ninh province.

“The zone has become an attractive destination for foreign investors, especially those specialising in hi-tech industries,” Tuy noted.

To date, Que Vo IZ has managed full-occupancy of its 340ha first phase area with 50 domestic and foreign projects, worth over 531 million USD.

The zone’s 300ha expansion is slated for completion in 2010.

Kinh Bac Co has targeted the filling of the zone’s second phase area with occupants in the next three years, said Dang Thanh Tam.

Earlier this month, Japan ’s Tenma Corporation PLC leased over 100,000 sq.m to develop a 60 million USD factory in the zone’s expansion area, following a contract with Kinh Bac Co.

The new factory will supply plastics, moldings and hi-tech mechanical products for export.

The first phase of the factory hopes to be finished in July 2008.

Source: VNA