South Korea's defense contractor, Hanwha Techwin, has been allowed to invest some 100 million US dollars in a plant for security-related products in Vietnam.
Techwin, a Hanwha Group subsidiary, has been approved by the Bac Ninh commissars to invest 100 million dollars in building a plant in the industrial complex near Vietnam's northeastern city of Bac Ninh. It would be the first Hanwha subsidiary to start a manufacturing business in Vietnam.
"We aim to expand our security business by building a factory in Vietnam under our medium and long-term plan," a Hanwha Techwin official told Aju Daily. "It's all part of diversifying our foothold in the manufacturing business."
The Techwin factory would manufacture security related products such as CCTVs, digital video recorders and chipsets. Hanwha said mass production would begin in 2019.
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