The investment is long-term and will be deployed in multiple phases according to Neweb Vietnam's expansion plans, the company told the Taiwan Stock Exchange in a recent disclosure.

A woman rides a motorcycle past a Wistron factory in Ha Nam, Vietnam, Oct. 11, 2024.

It will finance the investment through internal funds and bank loans.

Neweb Vietnam, established in mid-2020 with an initial investment of $60 million, began operations in August 2021 and currently employs about 2,000 workers.

The subsidiary manufactures satellite communication and mobile devices in a factory in Ha Nam Province covering a total area of 11.3 hectares.

In its initial phase, the facility can produce 20 million units of smart home devices, wireless equipment and other products. The second phase aims to double this production capacity. All primary materials for the project are sourced from China.

SpaceX is a global leader in spacecraft supply, satellite launch services, and satellite communications.

In September last year, SpaceX senior vice president Tim Hughes announced plans for a $1.5 billion investment in Vietnam.

Suppliers of Starlink satellite internet equipment for Elon Musk's SpaceX were shifting investments away from Taiwan, according to a report by Reuters last year, which cited Wistron NeWeb Corporation, Universal Microwave Technology, and Shenmao Technology as examples.

Prime Minister Pham Minh Chinh, at a recent meeting with major U.S. corporations, directed the Ministry of Science and Technology to expedite a pilot licensing process for Starlink satellite internet services.

Bac Giang grants Investment Registration Certificates to investors of 4 industrial parks

BAC GIANG - The Chairman of the People's Committee of Bac Giang province Nguyen Viet Oanh has recently chaired a conference to grant Investment Registration Certificates to investors of 4 industrial parks of Nghia Hung, My Thai, Song Mai - Nghia Trung, Dong Phuc.

52 billion VND invested in 9 infrastructure projects

BAC GIANG - According to the People's Committee of Lang Giang district (Bac Giang province), this year, the locality invested 52 billion VND (2.18 million USD) from the district budget to start construction, renovate and upgrade 9 projects in the fields of traffic, schools and dikes.

South Korean firms plan to expand investment in Vietnam

South Korean conglomerates, including SK Group, Samsung, and LG, are expanding their investments in Vietnam, focusing on energy, high-tech manufacturing, and sustainable development.

Reasonable electricity prices to attract investment in Vietnam’s energy sector

Affordable and competitive electricity rates play a vital role in ensuring consistent revenue streams for private enterprises, encouraging their participation in Vietnam's domestic energy market.

Vietnam to invest $8B in rail link to China

The National Assembly has approved plans for the Lao Cai-Hanoi-Hai Phong railway, which links to the border with China, at a cost of US$8.37 billion or $15.96 million per kilometer.