US microchip maker Intel announced it has received approval in Vietnam to invest over $1 billion and employ at least 2,400 people at a plant it is building there.
Intel in February announced it would build a $300 million plant outside Ho Chi Minh City, and government officials then said the operation was licensed to grow into a $605 million project.
Intel Products Vietnam said corporate vice president Brian Krzanich will receive an amended investment licence on Friday at the Ho Chi Minh City people's committee.
A company source said the company will now be allowed to extend the project to more than $1 billion and employ double the previously approved staff of 1,200.
In February, Intel chairman Craig Barrett said the factory - which will assemble, test and ship microprocessors used in PCs and other electronic devices - would begin operations in the second half of 2007.
In a separate development, the World Trade Organization today approved Vietnam as its 150th member, days before Hanoi hosts an Asia-Pacific Economic Cooperation summit that will bring together leaders, including President Bush.