Delegates press the buttons to launch the Meiko Yên Quang semiconductor manufacturing plant project. — VNA/VNS Photo

PHÚ THỌ — The People's Committee of northern Phú Thọ Province and Japan’s Meiko Group on Friday broke ground on Meiko Yen Quang semiconductor manufacturing plant at Yên Quang Industrial Park.

The project has an initial investment of more than US$500 million and will focus on artificial intelligence and space technology-related applications. Once fully operational, it is expected to generate annual revenue of around $530 million per year and create approximately 2,000 jobs for local workers.

Addressing the ceremony, Deputy Prime Minister Hồ Quốc Dũng said science and technology, innovation and digital transformation are key drivers of Việt Nam’s ambition to become a developed, high-income country by 2045, adding that Japan remains one of Việt Nam’s most important partners in this process.

He described the Meiko Yên Quang project as a vivid example of effective cooperation between the two countries and evidence of Phú Thọ’s growing appeal to high-quality investors. He also commended the province’s efforts to improve the investment climate, develop industrial infrastructure and support businesses.

Sakate Atsushi, Vice President of Meiko Group, said the company began investing in Việt Nam in 2007 and currently operates five factories in the country. The decision to launch its sixth project reflects the group’s strong confidence in Việt Nam’s stable and transparent investment environment and its potential as a high-tech manufacturing hub.

He noted that the Meiko Yên Quang plant will become one of the group’s key production facilities in Asia, helping to expand manufacturing capacity and meet growing global demand for electronic products.

Chairman of the provincial People’s Committee Trần Duy Đông said that as of June 2026, Japan had 78 investment projects in Phú Thọ with total registered capital exceeding $2.3 billion. Meiko is among the leading Japanese investors contributing to the development of Việt Nam’s electronics industry and the province’s industrial growth.

According to the official, the project’s investment registration certificate was issued within 48 hours of receiving the application under the province’s “green channel” administrative procedure mechanism.

Prior to the new investment, Meiko had invested about $350 million in an electronic printed circuit board manufacturing plant at the Đà River Left Bank Industrial Park. The new project raises the group’s total investment in Phú Thọ to $850 million.

Provincial authorities pledged continued support to ensure the project is implemented on schedule, while urging the investor, consultants and contractors to maintain construction quality and comply with regulations on investment, environmental protection, fire prevention and labour safety.

The Meiko Yên Quang project is expected to become a flagship foreign-invested project, helping to accelerate the development of high-tech industries and economic restructuring in Phú Thọ Province. — VNS