Japanese sanitary ware firm TOTO opened a faucet factory in Vietnam’s northern province of Vinh Phuc on Monday with an investment of JPY10 billion ($67.7 million) after two years of construction.
In a Friday statement, TOTO said the factory, located in Thang Long III Industrial Park, is part of the firm's commitment to Vietnam’s sustainable development. The 10-hectare plant has an annual capacity of 1.2 million products.
The state-of-the-art factory aims to serve the growing global demand for faucets, TOTO said. The facility also uses solar power to reduce carbon emissions and utilizes efficient air conditioning to reduce power consumption, the firm emphasized.
The Vinh Phuc factory is an expansion of TOTO in the northern region, as its four previous factories are located in neighboring Hanoi city and Hung Yen province.
TOTO earned an operating profit of VND454 billion ($19.2 million) in Vietnam for fiscal year 2022 (April 2022-March 2023), up 38% year-on-year. It recorded net sales of VND4.87 trillion ($205.9 million) in the Southeast Asian country in the period, up 12.3% year-on-year. The operating margin reached 9%, up two percentage points, according to the Japanese company’s report.