The construction of a $200 million gardening tool factory and a $74 million lighting and appliance factory kicked off in Thai Binh province, northern Vietnam on Wednesday.
The 20-hectare Greenworks Thai Binh Vietnam gardening tool factory, invested by Greenworks (Vietnam) Company Limited under China-headquartered Globe Group, will be the second-biggest FDI project in Lien Ha Thai Industrial Park.
In the first phase starting August 2023, the factory’s annual capacity will reach 100 million plastic products and 3,900 tons of metal products.
The second phase from 2024 to February 2025 will have a capacity of 1,550 tons of aluminum products, 100,000 battery components for gardening tools, and 20,000 motors for gardening tools.
In the third phase from 2025 to February 2026, the project will have a capacity of three million gardening tools and three million plastic components a year. In this phase, components from the first and second phases will be made into complete products, while some components will be exported to the parent company.
When fully operational, the plant will employ 5,000 people with revenue of up to $500 million a year, while corporate income tax payments could go up to VND92 billion ($3.89 million) a year after preferential policies expire.
On the same day, Be Bright Industrial Company Limited kicked off the construction of its lighting and appliance factory in Tien Hai Industrial Park.
The annual designed capacity is 900,000 bulbs, 741,000 outdoor and indoor decoration items, 118,000 mirrors, 200,000 wooden, leather and metal furniture items, among others.
It is expected to enter first-phase operation in March 2024, with the second phase in January 2025, and third phase in May 2025, employing 2,500 people.