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Vietnam's largest enterprise Vingroup to invest KRW 10 bn in Daegu.

According to Yonhap News,

(DAEGU=Yonhap News) Vietnam's largest private enterprise Vingroup is to invest KRW 10 billion in Daegu..

According to Daegu city on March 4, Vingroup opened VinTech Korea R&D Center, and signed a cooperation agreement with AJINEXTEK (AXT), a regional company specialized in robots.

VinTech Korea R&D Center will be located in Seongseo Complex, Dalseo-gu, and will serve as Vingroup's brain for developing and securing technologies in the high-tech industry, equipped with about 30 researchers.

The Center is expected to engage in various activities to secure technologies, such as joint R&D with regional companies, establishment of joint venture companies, and M&A.

VinTech and AXT also signed MOU with Daegu city and Daegu-Gyeongbuk Free Economic Zone Authority on jointly building a production line related with smart factory in Technopolis located in Dalseong-gun, and receiving administrative support.

AXT, established in Dalseo-gu in 1997, is a leading robot company in the region, mainly producing motion controller for semiconductor and smart phone manufacturing and inspection equipment.

With this agreement, AXT is expected to expand production capability and enter the Vietnam market, while VinTech expects to introduce smart factory technologies into automation of its factories.

Daegu city said that "2 projects - Vintech Korea R&D Center and investment in new factory-are expected to create more than 130 jobs with KRW 10 billion or more investment."

Daegu city mayor said, "What's significant is that Vingroup, the leading company of Vietnam, chose Daegu as a stepping stone to expand in Asia."

Vingroup is the largest enterprise in Vietnam, being referred to as " Vietnam's Samsung". Its businesses span real estate development, distribution, hospitals, automobiles, and smartphone, among others. It accounts for 24% of Vietnam's Securities Market.(VN Index)

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Source Text

** This article was translated from Korean.

Source: Yonhap News (March 4, 2019)