Japanese-invested firm gets green light for furniture making project
An investment certificate was granted to a Japanese-invested company with a multi-million USD wooden furniture manufacturing project in southern Ba Ria Vung Tau province on November 5.
Ba Ria-Vung Tau (VNA) - An investment certificate was granted to a Japanese-investeꦫd company with a multi-million USD wooden furniture manufacturing project in southern Ba Ria Vung Tau province on November 5.
Through its subsidiary – the Nitori Ba Ria – Vung Tau Co. Ltd, Japan’s Nitori Holdings Co. Ltd will spend 150 million USD on a 40-hectare plant in the Phu My 3 Industrial Zone, according to the Ba Ria – Vung Tau Industrial Zones Authority.
The plant will manufacture 8,000 interior and exterior wooden furniture items and decorations for export a day. With construction starting in 2016, it will become operational one year later.
Chairman of the provincial People’s Committee Nguyen Van Trinh described Nitori Holdings Co. Ltd’s investment in Ba Ria – Vung Tau as a demonstration of its trust in local potential and business climate.
The province pledges the best possible conditions for the firm to carry out its project, he noted, adding that he believes in the project’s success that will help the locality realise its socio-economic targets.
Nitori Holdings Co. Ltd currently owns more than 400 furniture supermarkets in Japan, Taiwan (China), mainland China and the US, and earns an annual revenue of 3.8 billion USD.
It is the 25th Japanese company that has invested in Ba Ria – Vung Tau, bringing the country’s total investment there to 2.25 billion USD.-VNA
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Nitori Holdingsproducts (Source: bloomberg.com)
