Chairman of the provincial People’s Committee Nguyen Van Tri said the project is in line with the local outlook of high-tech industry development.
Vinh Phuc will provide favourable conditions for building the factory, while Compal ought to study Vietnam’s policies on foreign investment further for effective outcomes to its project, Tri noted.
Compal Senior Vice President Bruce Riggs said his company is committed to implementing the project on schedule and investing in the most advanced technologies compared to all previous projects it carried out in Vietnam.
Compal is seeking support from local authorities in the arenas of human resources, land leasing prices and corporate tax, Riggs added.
According to him, modern manufacturing machinery will be assembled at the plant in April and the first batch of smart devices will be shipped around September.
In October 2007, Vinh Phuc licenced Compal Vietnam Co. Ltd to build a plant producing laptops and computer components, with registered capital valued at US$500 million, the highest recorded in the province thus far. The project was expected to turn out 24 million laptops per year by 2012, create 35,000 jobs, and attract 50 related projects that might bring an additional investment of US$1 billion to Vinh Phuc.
However, economic recession and computer-market downsizing put an end to the construction of the promising plant.
In early 2015, seeing upbeat signals from the market of smart devices, Compal returned to Vinh Phuc and secured a licence for its new project.