Multinational home tool firm Techtronic to invest $650 mln in Vietnam
Techtronic Tools (Vietnam) Company Limited under Hong Kong-headquartered multinational firm Techtronic plans to invest $650 million in Ho Chi Minh City, the southern economic hub of Vietnam.
According to the investment certificate granted by municipal authorities late last month, which included the seventh amendment to the original one granted in December 2019, the firm’s investment will cover 13.7 hectares in the Saigon Hi-Tech Park (SHTP), which includes 10 hectares for factories and 3.7 hectares for a research & development (R&D) center.
Milwaukee, RYOBI, and Hoover are three popular brands of Techtronic. Photo courtesy of Techtronic.
The firm plans to reach stable production by 2029, with a designed capacity of 24.75 million products a year, equivalent to 97,450 tons. They will include drills, saws, blowers, nail guns, lawnmowers, and vacuum cleaners.
The firm has so far completed the first three phases of the project, with investment capital of $10 million, $50 million, and $30 million. The fourth phase from 2024-2029 is set to cost $560 million. In the first three phases, the firm completed legal documents and kicked off the construction of three plants, 1, 2A, and 2B.
In the next phase, Techtronic aims to complete the construction of factory 1 in the second quarter of 2024, factories 2A and 2B in Q4/2025. It plans to complete legal documents for the R&D center in Q1/2025, begin building the R&D center in Q2/2025, and complete and open the R&D center in Q4/2026.
Techtronic is a fast-growing world leader in power tools, accessories, hand tools, outdoor power equipment, and floorcare and cleaning for do-it-yourself consumers, and professional and industrial users in the home improvement, repair, maintenance, construction and infrastructure industries.
With popular brands like Milwaukee, RYOBI, and Hoover, Techtronic posted annual sales of $13.7 billion in 2023, up 3.6% year-on-year.
- Related News
- Read More
Vietnam sets aside $1 bln to train semiconductor workforce
Vietnam will spend VND26 trillion ($1.02 billion) by 2030 to develop a well-prepared workforce for the semiconductor industry as the country attempts to seize a “once-in-a-thousand-year” opportunity.
Economy - Thu, April 25, 2024 | 12:16 pm GMT+7
Vietnam’s central province okays S Korea’s SK E&S to process LNG-to-power project
The central coastal province of Quang Tri, SK E&S under South Korean chaebol SK, and Vietnamese conglomerate T&T Group have agreed to cooperate in investment, trade, energy transition, and green growth.
Energy - Thu, April 25, 2024 | 10:31 am GMT+7
Heineken Vietnam’s Q1 revenue expands amid national market decline
The beer market in Vietnam declined by a mid-single-digit in the first quarter of this year, but Heineken’s net revenue (per before exceptional items and amortization-beia formula) was up in the mid-teens, the Dutch brewer said Wednesday.
Companies - Thu, April 25, 2024 | 8:18 am GMT+7
Vietnam fourth largest host of Apple suppliers in the world
Vietnam hosted 35 Apple suppliers as of the end of fiscal year 2023, up from 25 a year earlier, the American tech giant says.
Industries - Thu, April 25, 2024 | 7:57 am GMT+7
ASEAN Future Forum 2024 looks to ensure comprehensive security for community
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
Southeast Asia - Wed, April 24, 2024 | 10:19 pm GMT+7
Rail connects Vientiane, China's Guizhou province
The Guiyang-Laos tourist train will be launched on May 8, signifying a pivotal step in boosting tourism and cultural ties between China and Southeast Asia.
Southeast Asia - Wed, April 24, 2024 | 10:18 pm GMT+7
Vinhomes targets after-tax profit of $1.38 bln in 2024 as market warms up
Vinhomes, a major housing developer under private conglomerate Vingroup, targets to earn an after-tax profit of VND35 trillion ($1.38 billion) this year, up 4.4% year-on-year, given more positive signals from the local real estate market.
Companies - Wed, April 24, 2024 | 10:13 pm GMT+7
Vinh Phuc province officials disciplined for investment project violations
Dozens of officials in Vinh Phuc province have faced disciplinary actions by the Central Inspection Committee for violations related to investment projects.
Politics - Wed, April 24, 2024 | 8:19 pm GMT+7
Former chairmen of An Giang, Soc Trang provinces face disciplinary action
Former chairman of An Giang province Vuong Binh Thanh received a warning from the Central Inspection Committee for his violations, while former chairman of Soc Trang province Tran Van Chuyen was reprimanded.
Politics - Wed, April 24, 2024 | 7:05 pm GMT+7
Mitsubishi taps Vietnam market with $1.8 mln investment in food importer Homefarm
Mitsubishi Shokunin, the food arm of Japanese keiretsu Mitsubishi, has invested VND45 billion ($1.8 million) in Homefarm, a Vietnamese food import start-up, the firm said.
Companies - Wed, April 24, 2024 | 4:45 pm GMT+7
No Vinhomes funding for VinFast: CEO
Vinhomes CEO Nguyen Thu Hang says the residential property development arm of Vietnam’s private conglomerate Vingroup has not provided financing for other companies in the group’s ecosystem, including EV-maker VinFast.
Companies - Wed, April 24, 2024 | 4:37 pm GMT+7
Japan's Vsun Solar begins commercial operations of 4GW silicon wafer plant in Vietnam
Tokyo-headquartered Vsun Solar has commenced commercial production at its 4-gigawatt silicon wafer plant in Vietnam.
Industries - Wed, April 24, 2024 | 3:39 pm GMT+7
Thailand’s Super Energy told to complete paperwork first, construct wind power project later
Super Wind Energy Congly Bac Lieu JSC, under Thailand’s renewable energy developer Super Energy, is looking to restart its 141-MW Bac Lieu wind power plant phase III in Vietnam’s Mekong Delta province of Bac Lieu.
Energy - Wed, April 24, 2024 | 3:32 pm GMT+7
Standard Chartered revises down Vietnam GDP growth forecast to 6%
Standard Chartered Bank has lowered Vietnam's 2024 GDP growth forecast to 6% from 6.7% in January due to lower-than-expected Q1 growth and global trade headwinds.
Economy - Wed, April 24, 2024 | 3:03 pm GMT+7
TPBank targets after-tax profit of $295 mln in 2024
Private Vietnamese lender TPBank targets to earn VND7.5 trillion ($294.75 million) in after-tax profit this year, according to CEO Nguyen Hung.
Banking - Wed, April 24, 2024 | 1:09 pm GMT+7
Sumitomo Mitsui-invested VPBank plans to merge with ailing lender
Hanoi-based VPBank, the biggest private lender by charter capital in Vietnam, will ask for shareholders’ approval to proceed with a plan to acquire a weak bank following a request by the State Bank of Vietnam (SBV).
Banking - Wed, April 24, 2024 | 11:18 am GMT+7
