Australia-invested firm pours cash into third water heater factory in Binh Duong

Rheem Vietnam Ltd, a wholly-owned subsidiary of Rheem Australia Pty Ltd, kicked off the construction of its third water heating product factory in the southern province of Binh Duong on Wednesday.

The factory in Dong An 2 Industrial Park coincides with the 10th anniversary of Rheem’s first international-standard factory in the province.

The expansion is part of the firm's effort to enlarge its footprint in Asia and solidify its global supply chain.

With the target of sustainable development until 2025, Rheem’s projects and third plant in Binh Duong, an industrial hub in southern Vietnam, aim to run emission reduction programs with zero buried waste.

Rheem Vietnam has so far invested $46 million in Binh Duong, with a total area of 61,000 square meters. With about 300 employees, its three plants can produce 348,000 water heaters, 480,000 solar panels, and 100,000 accessories annually. The firm exports 99% of its products to Rheem partners globally.

Binh Duong province is the second-most attractive destination for foreign investment in Vietnam. So far, it has recorded 4,082 FDI projects worth nearly $40 billion, including $3.14 billion in 2022, up 47.3% year-on-year, featuring Lego’s $1 billion factory as the largest.

The province is looking to improve its business environment to welcome high-quality FDI, especially large-scale projects that use new technology and clean energy, said Binh Duong Vice Chairman Mai Hung Dung.