Japanese precision machinery manufacturer Nidec Tosok will double its investment in Vietnam to US$205.6 million, news website Saigon Times has reported.
Ho Chi Minh City authorities gave the firm approval on March 29 to invest an additional $96 million in its factory in the Tan Thuan Processing Zone.
Kamijukoku Takashi, its general director, said the company wants to expand manufacturing of precision machinery for cars to meet rising global demand.
It would install more production lines, allowing the plant to increase capacity by 50 percent, he said.
The company is among 10 Vietnam-based subsidiaries of Nidec, which has invested over $500 million in the country and earns annual revenues of $600 million.
On the same day, French healthcare leader Sanofi announced construction of its third and largest plant in Vietnam to meet growing demand for its products in southeast Asia, news website VnEconomy reported.
The $75-million plant is expected to begin operations in 2015.
As of March 20, foreign investors have pledged $6 billion this year, the Foreign Investment Agency said. It represents a 64 percent jump year-on-year.
Manufacturing and processing has attracted the largest amount of $5.54 billion, followed by real estate at $249.8 million.
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