P&G to invest additional $100 mln in Binh Duong province
U.S. multinational consumer goods giant Procter & Gamble (P&G) plans to invest a further $100 million in the southern province of Binh Duong to expand production, according to a company executive.
Binh Duong Vice Chairman Nguyen Van Danh (right) and P&G Vietnam country manager Priyamvada Srivastava at a meeting in the southern province on April 25, 2023. Photo courtesy of Binh Duong's news portal.
The expansion will include an additional 150 employees and reaffirm Binh Duong as a key location for P&G’s global supply chain, said Priyamvada Srivastava, country manager of P&G in Vietnam, at a Tuesday meeting with Binh Duong Vice Chairman Nguyen Van Danh.
The executive also highlighted that P&G Vietnam is striving for net-zero emissions at its factories, while cooperating with the province to train a high-quality workforce and innovate towards green and sustainable growth.
In Vietnam, P&G currently operates two plants, both in Binh Duong province, that produce fabric conditioners Ariel and Downy, dishwashing detergent Joy, fabric freshener Febreze, and Gillete razors.
After 28 years in Vietnam, P&G has invested about $300 million in Binh Duong and currently employs 800 people, according to Srivastava.
In reply, Danh proposed P&G continue its investment in Binh Duong and said the province would provide the best conditions for the firm to thrive.
The U.S. is currently the 10th-biggest investor in Binh Duong with 133 projects and total registered capital of $1.33 billion, local data shows.
The southern province is prioritizing high-tech and eco-friendly investments towards green and sustainable growth, Danh said.
P&G reported net sales of $20.1 billion in the third quarter of fiscal year 2023 (January-March 2023), up 4% year-on-year.
As of April 20, Vietnam had attracted 37,065 FDI projects with total registered capital of $445.87 billion, according to the Ministry of Planning and Investment. Of this, Binh Duong was the second-biggest hub with $40 billion, or 9% of the total.
In the year to April 20, Vietnam lured $8.88 billion in FDI, including newly registered capital, additional capital for ongoing projects, and capital contributions for stake acquisitions.
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