Korean-funded YPE Vina Co. Ltd. and Korea Circuit Co. Ltd. kicked off the construction of an electronic component plant in Dong Soc industrial cluster in the northern province of Vinh Phuc on September 30.

Covering 13.5 hectares, the US$270 million factory will manufacture integrated circuits for Samsung and Apple.

It is expected to become operational in June 2022 and generate approximately 5,000 jobs.

Pledging to create the best conditions possible for the investors, Vinh Phuc authorities asked them to ensure the construction quality, prioritise employing local workers, transfer technology, and organise training courses for their employees, among others.

In October 2019, the two companies signed a memorandum of understanding on land lease at the industrial cluster, pledging to invest about US$840 million in three phases.

The YPE Vina Co. Ltd. and Korea Circuit Co. Ltd. are subordinate companies of the Young Poong Group.