The company board has approved a plan to build the plant at the Hoa Lac High-tech Park in the capital to produce LED lighting and electronics products.
It will use its own funds and bank credit.
Rang Dong has not revealed the losses caused by the fire though its chairman, Nguyen Doan Thang, estimated them at VND150 billion ($6.47 million).
The company has stepped up production to make up for the destroyed stocks.
The company reported after-tax profit of VND160 billion ($6.9 million) in the first nine months, up 20 percent year-on-year.
The five-hour blaze, caused by a short circuit, on August 28 destroyed a third of the stocks at the warehouse in Thanh Xuan District, releasing an estimated 15.2-27.2 kilograms of mercury into the environment, which forced residents in the area to evacuate. But health officials said no mercury poisoning has been detected in 1,000 people who were checked.
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