The information was revealed at a meeting between Hai Duong provincial leaders and representatives of Waffer Group and Boway Group on October 25.

The Taiwan-based Waffer Group proposes building a vehicle parts manufacturing factory with a total investment of VND1.25 trillion ($52.7 million) in Cong Hoa Industrial Park.

The factory will specialise in producing spare and auxiliary parts for cars and other motor vehicles, as well as repairing machinery and equipment. Once put into operation, the factory will export about 10 million items of all kinds to the US and European markets annually.

Headquartered in Taiwan, Waffer is principally engaged in the manufacture and sale of magnesium alloy injection moulding products, aluminium alloy die castings, and other components and finished products. As of December 31, 2022, Waffer's total assets reached $188 million.

Meanwhile, China's Boway proposed an investment in the BoViet solar photovoltaic cell factory spanning 20 hectares, also in Cong Hoa Industrial Park.

The project is valued at VND2.82 trillion ($119 million). Once completed, all the photovoltaic cells and solar energy conversion modules produced at the factory will be exported to the US and European markets.

Boway specialises in new materials, new energy, and other industries. The group has many production facilities in China, Germany, and Canada. In Vietnam, Boway has set up four facilities in Bac Giang province.

In February, NeoSCM Co., Ltd. proposed a $50 million brake disc factory in An Phat 1 Industrial Park, Hai Duong. The factory is slated to come into operation at the end of 2024, creating jobs for about 600 high-quality personnel.