Chinese electronics giant Goertek could quadruple northern Vietnam investment: chairman

Chinese electronics giant Goertek could triple or quadruple its investments in the northern province of Bac Ninh over the next five-10 years, says co-founder and chairman Jiang Bin.

Bin mentioned this estimate at a Tuesday meeting with Nguyen Anh Tuan, chief of Bac Ninh's Party Committee. The meeting commemorated the 10th anniversary of Goertek Vina Company Ltd in the province.

Goertek, an Apple supplier, has made three investments in Bac Ninh for a total registered capital of $905 million, comprising $60 million in Goertek Vina; $565 million in Goertek Technology Vina Company Limited; and $280 million in its latest project at the Nam Son-Hap Linh Industrial Park.

Bac Ninh accounts for 20% of Goertek’s global investment, the executive said.

Appreciating Goertek’s investments and their role in making Bac Ninh a manufacturing hub, Tuan pledged that provincial authorities would visit the site this month and help fix problems related to fire prevention and power transmission.

Goertek entered Vietnam in 2013 with its first project at the Que Vo Industrial Park in Bac Ninh. The firm now runs eight production lines in the northern province and the central province of Nghe An, employing over 40,000 people.

Vietnamese industrial developer Kinh Bac City Development Holding Corp (listed on the Ho Chi Minh Stock Exchange as KBC), which operates the Nam Son-Hap Linh IP, said Goertek’s new project was set to begin operations in 2024.

Goertek Technology Vina Company Limited earned post-tax profits of RMB1,409 million ($192.7 million) on operating revenues of RMB18,006.5 million ($2.46 billion) in 2022, according to the parent firm.