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Intel disburses $450mn in Vietnam operations

Intel disburses $450mn in Vietnam operations

Monday, July 21, 2014, 14:22 GMT+7

Intel Products Vietnam, the Vietnamese unit of the U.S. chipmaker, has so far disbursed US$450 million into its operations at a hi-tech park in Ho Chi Minh City.

The disbursal represents nearly 50 percent of the company’s registered capital into its projects at the Saigon Hi-Tech Park (SHTP), according to statistics obtained by Tuoi Tre (Youth) newspaper.

Intel Products Vietnam CEO Sherry Boger told Tuoi Tre in early June that there were no delays in the disbursement progress of the chipmaker in the Southeast Asian country.

In January 2006, Intel Corp first announced a $300 million plan to set up assembly and test facilities in Vietnam. The total registered investment was increased to $1 billion ten months later.

Intel began its operations at the SHTP in 2010, generating 1,000 jobs and contributing $21 million to the state budget.

The chipmaker posted $1.8 billion exports in 2013, and is expected to enjoy higher results this year, given its new production plans focusing on many new products, according to an SHTP source.

Intel announced in early April that it was shutting its assembly and test operation in Costa Rica and cutting 1,500 jobs over a major plan to grow beyond PCs into the mobile market.

The chipmaker has been present in Costa Rica since 1997. But its assembly and testing operations there will be moved to Vietnam and other existing sites, including China and Malaysia, a company spokesman said in a statement.

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