The factory will specialise in manufacturing bearings and linear motion equipment, with a designed capacity of 930 metric tonnes per year. With an investment of $57 million, the project is slated to begin construction in mid-2025 and be put into operation in January the following year.

IKO Thompson Vietnam received an investment certificate from Quang Ninh leaders to implement the project in February.

With extensive experience in industrial production in Japan, IKO Thompson Vietnam's presence in Song Khoai IP sends a positive message to potential Japanese investors in the park.

Song Khoai IP is managed by Amata Ha Long Urban JSC, part of Amata Group, and is divided into five phases spanning 714ha valued atVND3.5 trillion ($142 million).

The park is now home to 15 projects worth more than $2.4 billion. These include the Jinko Solar PV Vietnam photovoltaic cell technology project and the Jinko Solar Vietnam silicon wafer technology project. Jinko Solar’s projects have created around 4,000 jobs, providing workers with an average income of VND13 million ($525) per person per month.

The remaining 13 projects are under construction.