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.
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