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‘The Giant’ Goertek is expected to invest over 6,800 billion VND in Vietnam to expand production. Which locality will be chosen?

23/01/2024

According to the South China Morning Post (SCMP), Goertek has announced its intention to invest up to 280 million USD in establishing a subsidiary in Vietnam to meet the demand for “business expansion and long-term operations” in the country.

According to the South China Morning Post (SCMP), Goertek is planning to open a factory in Vietnam. With an investment of up to $280 million (about 6.8 trillion VND), Goertek will establish a subsidiary in Vietnam to meet the demand for “business expansion and long-term operations” in this country.

It is reported that Goertek’s Vietnam-based company will manufacture consumer electronics such as smartwatches, virtual reality, and augmented reality devices. Goertek has become one of the major suppliers for mixed reality headsets, expected to be launched in early February this year.

According to the documents submitted by Goertek to the Shenzhen Stock Exchange, this project will meet both the future development plans and the customer demand of the company. The subsidiary’s headquarters in Vietnam is expected to be located in Bac Ninh province.

“[The project] has the advantage of better leveraging local resources in Vietnam to enhance the overall competitiveness of the company,” said Goertek.

According to the Vietnam Chamber of Commerce and Industry, South Korean companies have built manufacturing plants for electronic devices, smartphones, semiconductors, and mechanical equipment production equipment, making them significant investors in Bac Ninh. In October 2023, Bac Ninh province’s Planning and Investment Department announced that the entire province had attracted 308 newly registered foreign direct investment (FDI) projects, an increase of 218 projects compared to the same period last year. The newly registered capital reached $908 million, an increase of $730.8 million compared to the same period.

According to AppleInsider’s report, Apple’s suppliers, including Taiwan’s contract electronics manufacturer Foxconn Technology Group, have invested $16 billion to relocate facilities to India, Vietnam, Mexico, and the United States to reduce dependence on China. In late last year, the world’s largest iPhone manufacturer, Foxconn, announced a $1.6 billion investment plan in India to expand its presence in this South Asian country.

Goertek’s investment in a subsidiary in Vietnam reflects the trend of technology companies repositioning their supply chains to enhance resilience and minimize risks related to political and economic instability.

Source: An ninh Tien te

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