Luxshare-ICT Group plans investment expansion in Vietnam

Vice chairman of Luxshare-ICT Group Wang Laisheng declared the group's commitment to expanding investment in Vietnam during a meeting with Party General Secretary To Lam in Hanoi on November 15.

According to the plan, the group will develop several major science and technology and innovation projects in Bac Ninh province and other localities, with projected revenue from new investments expected to exceed $10 billion, which will help elevate Vietnam's position in the regional and global high-tech supply chains.

"Vietnam remains our most important overseas manufacturing hub among 29 countries and territories. The group has concentrated on training and upskilling Vietnamese engineers and workers, with its rate of workforce localisation consistently among the highest compared to other foreign-invested enterprises," Wang said.

Party General Secretary Lam highly appreciated the group's efforts to promote business and investment cooperation in Vietnam over the past decade, with total registered capital exceeding $1.8 billion, and tens of thousands of jobs created.

Vietnam encourages Luxshare-ICT to expand investment, including the digital economy, green economy, science and technology, innovation, electronic components manufacturing, and semiconductor development. Besides that, the group should promote technology transfer and support Vietnam in training high-quality human resources,” Party General Secretary Lam said.

Luxshare ICT currently has factories in Van Trung and Quang Chau industrial parks in the former Bac Giang (now Bac Ninh province) and Nghe An, of which the first factory in Bac Giang started operating in July 2017.

In Bac Ninh, it has four factories specialising in manufacturing and processing electronic components, communications equipment, and car components, among others, creating stable jobs for about 30,000 workers.

In Nghe An province, the group has two facilities. At the end of last year, it planned to invest more than $208 million in the Luxshare-ICT (Nghe An) 2 project, bringing the total to $358.5 million. The project will produce electronic components, smart home scanners, cameras, wi-fi transmitters, clocks, doorbells, and headphones.

Through its Vietnamese subsidiary, the Apple supplier Luxshare-ICT is pouring an additional $330 million into its electronic component manufacturing project in the northern province of Bac Giang.

Several foreign-invested enterprises in the northern province of Bac Giang want to recruit dozens of thousands of employees to expand their operations.