Swedish locksmith Assa Abloy opens $30 mln factory in northern Vietnam
Assa Abloy Group, a global leader in entrance automation and door opening and control, opened its $30-million factory in Vietnam’s northern coastal city of Hai Phong on Thursday.
Sweden's Assa Abloy started investments in Hai Phong in December 2022, with its factory covering 4.3 hectares in Deep C Haiphong II Industrial Park in the city.
The plant has an annual output of two million door closers, equivalent to 2,800 tons. The firm aims to export its products to Europe, the Middle East, Africa, Asia, Oceania, and the United States. The plant is set to employ 280 people.
Assa Abloy launches its factory in Hai Phong city, northern Vietnam on October 10, 2024. Photo courtesy of Hai Phong Economic Authority.
This is Assa Abloy’s second investment in Vietnam, following a $25-million factory in the Ba Thien II Industrial Park in the northern province of Vinh Phuc. This factory has an annual capacity of three million products and entered operation in 2020
Registered foreign direct investment (FDI) in Vietnam totaled $24.78 billion in the first nine months of this year, up 11.6% year-on-year, according to the Ministry of Planning and Investment. The figure included $4.26 billion in September alone, the highest-ever monthly figure, the ministry highlighted.
Hai Phong ranked seventh with $1.48 billion, down 48.9% year-on-year.
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