Hong Kong-based furniture firm Man Wah to invest $50 mln more in Vietnam
Hong Kong-based Man Wah, among the largest home furnishing producers in the world, will invest an additional $50 million in Vietnam’s southern province of Binh Duong.
Man Wah chairman Wong Man Li made the statement at a Thursday meeting with Binh Duong Chairman Vo Van Minh.
The move aims to expand the firm's production in the southern province, the executive said while calling on provincial authorities to provide support related to land lease, administrative procedures, and workers.
Man Wah chairman Wong Man Li (left) and Binh Duong Chairman Vo Van Minh at a meeting in Binh Duong province, southern Vietnam, December 19, 2024. Photo courtesy of Binh Duong news portal.
Backing the investment, Vo Van Minh highlighted that China is currently the biggest foreign investor in Binh Duong with 1,749 projects totaling $11 billion. Binh Duong is now the second-biggest FDI hub in Vietnam with 4,377 projects and total registered capital of $42 billion.
Founded in 1992, Man Wah now runs 14 production facilities around the world. It entered Vietnam with a $300-million factory in Binh Duong province in 2018. At that time, Man Wah said it would raise the investment in Vietnam to $500 million.
The plant currently employs 10,000 people and manufactures sofas, mattresses, massage machines, and other furniture items.
- Related News
- Read More
Private Vietnamese lender DongA Bank renamed Vikki Bank
DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).
Banking - Sat, February 15, 2025 | 10:59 am GMT+7
Korea's SK Group seeks partnerships in 3 LNG-fired power projects in Vietnam
South Korean chaebol SK Group seeks to jointly build LNG-fired power plants in Vietnam and then develop facilities utilizing electricity generated by those power plants.
Energy - Sat, February 15, 2025 | 9:26 am GMT+7
World’s largest shipping line MSC docks at southern Vietnam port
Phuoc An Port, the largest seaport in Dong Nai province, on Thursday welcomed the first ship from MSC, the world’s largest shipping line, opening up significant opportunities for boosting international trade in Vietnam’s southern region.
Economy - Sat, February 15, 2025 | 8:17 am GMT+7
Vietnamese chemical-pharmaceutical industry eyes yearly growth of 8-11% by 2045
Vietnam's chemical-pharmaceutical industry is expected to achieve an annual growth rate of 8-11% by 2045, according to a newly-approved program on the industry’s development until 2030, with a vision to 2045.
Southeast Asia - Fri, February 14, 2025 | 11:28 pm GMT+7
Vietnam PM urges world's food industry leader JBS S.A to invest in livestock farming, meat processing
Brazil’s JBS S.A, the world’s largest meat processing enterprise, should consider investing in livestock farming, meat processing, industrial crops, and coffee processing in Vietnam, said Prime Minister Pham Minh Chinh.
Industries - Fri, February 14, 2025 | 11:08 pm GMT+7
China proposes new initiatives of cooperation with ASEAN
China has unveiled new proposals to boost cooperation with ASEAN in key areas such as maritime cooperation, artificial intelligence, transportation, blue economy, women’s and children’s health, and the environment, towards strengthening the comprehensive strategic partnership between the two sides.
Southeast Asia - Fri, February 14, 2025 | 8:17 pm GMT+7
Honda Vietnam’s motorcycle, car sales decline in Jan
Honda Vietnam's motorcycle sales reached 198,911 units, marking a 12.6% decline from January 2024, while it sold 1,826 cars, a 9.7% decrease year-on-year.
Southeast Asia - Fri, February 14, 2025 | 8:15 pm GMT+7
Vietnam auto sales fall 2% to 18,893 in Jan amid EV trend
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 18,893 units in January 2025, down 2% year-on-year and 40% from December 2024.
Companies - Fri, February 14, 2025 | 4:50 pm GMT+7
China-based Red Board Electronics to invest $110 mln in northern Vietnam
China-invested Red Board Electronics Limited will invest $110 million in Vietnam’s northern province of Ha Nam to manufacture printed circuit board (PCB).
Industries - Fri, February 14, 2025 | 3:25 pm GMT+7
US recent tariff does not aim at Vietnam: diplomat
The United States’ recent tax measures do not aim at Vietnam and the United States seeks to continue “positive” trade-economic relations with Vietnam, said U.S. Ambassador to Vietnam Marc Knapper.
Economy - Fri, February 14, 2025 | 3:11 pm GMT+7
VinFast's global deliveries hit 53,139 EVs in Q4/2024, up over 3 times
Vietnamese EV startup VinFast delivered 53,139 units globally in Q4/2024, a 342% year-over-year growth, driven by rising demand for affordable models and the company’s strength in its home market.
Companies - Fri, February 14, 2025 | 1:56 pm GMT+7
Norway renewable energy firm Scatec sells 39 MW Vietnam project for $40 mln
Norway-headquartered renewable energy firm Scatec has completed the sale of its 100% stake in the 39 MW Dam Nai wind farm in Vietnam for potentially $40 million.
Energy - Fri, February 14, 2025 | 10:50 am GMT+7
HCMC youths make chocolate at Alluvia shop for Valentine's Day
Many young people made chocolate themselves at the Alluvia Chocolate Cafe, 74B Le Loi street, District 1, Ho Chi Minh City as gifts for their beloved on occasion of the Valentine's Day, February 14.
Companies - Fri, February 14, 2025 | 9:02 am GMT+7
SCG Chemicals loses $304 mln from Long Son Petrochemicals in Vietnam in 2024
SCG Chemicals (SCGC), an arm of Thailand’s Siam Cement Group (SCG), recorded a loss of THB10,269 million ($303.6 million) from the $5.2 billion Long Son Petrochemicals (LSP) complex in Vietnam in 2024.
Companies - Fri, February 14, 2025 | 8:16 am GMT+7
Bahrain affirms support for Vietnam in financial center development
Bahrain’s investment funds and agencies are willing to support Vietnam in developing financial centers in Ho Chi Minh City and Danang, said the Arab country's Minister of Finance and National Economy.
Economy - Thu, February 13, 2025 | 10:01 pm GMT+7
$2 bln northern Vietnam LNG power plant to commence construction in Sept
The $2 billion LNG Thai Binh power plant project in Vietnam’s northern province of Thai Binh is set to kick off construction in September, meeting the schedule.
Energy - Thu, February 13, 2025 | 5:28 pm GMT+7
