Sinomag plans to invest 210 million yuan to construct the second phase project in Vietnam

According to the Zhitong Finance APP, Sinomag announced that to improve the company's overseas permanent magnet production capacity layout, its wholly-owned subsidiary Sinomag (Vietnam) Co., Ltd. (hereinafter referred to as "Vietnam Sinomag") plans to invest approximately 210 million yuan to construct the second phase project. The main construction content includes adding 10,000 tons of permanent magnet ferrite wet-pressed magnetic tile production capacity and supporting 25,000 tons of pre-burned material production capacity, while upgrading the production capacity scale and extending the industrial chain upstream to achieve localized supply of permanent magnet ferrite raw materials