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.
- Related News
- Read More
Investment Support Fund decree to boost Vietnam's appeal as high-tech investment destination: lawyers
Decree No. 182/2024/ND-CP is expected to bolster Vietnam's appeal as a destination for high-tech investment, especially after the application of top-up corporate income tax (CIT) under the global anti-base erosion rules from January 1, 2024, write senior partner Anh Dang and associate Chi Nguyen at Vilaf law firm.
Economy - Tue, January 14, 2025 | 2:43 pm GMT+7
Germany’s Blueberry Energy eyes solar power projects in Vietnam
Blueberry Energy, a solar power developer in Germany, is keen to engage in solar energy projects in Vietnam as the country seeks to raise the capacity of renewable energy.
Energy - Tue, January 14, 2025 | 1:15 pm GMT+7
Amkor Technology Vietnam earns $13 mln from exporting in 2024
Amkor Technology Vietnam, under U.S.-headquartered semiconductor giant Amkor Technology, started official operation in Vietnam in Q3/2024 and earned an export revenue of VND337.5 billion ($13.3 million) last year.
Companies - Tue, January 14, 2025 | 12:09 pm GMT+7
Abundant rare earth resource makes Vietnam stand out in global semiconductor industry: Savills
One key factor that makes Vietnam stand out in the global semiconductor industry is its abundant rare earth resource that ranks second in the world after China, according to an expert of property consultancy Savills.
Investing - Tue, January 14, 2025 | 12:05 pm GMT+7
Vietnam PM urges Russia's Rosatom to help with nuclear power development
Vietnamese Prime Minister Pham Minh Chinh urged Russia’s State Atomic Energy Corporation Rosatom (Rosatom) to help the Southeast Asian nation with nuclear power development.
Energy - Tue, January 14, 2025 | 10:15 am GMT+7
Vietnam's cashew nut exports hit record high in 2024
Vietnam's cashew nut exports in 2024 hit $4.37 billion, up 20.2% year-on-year, surpassing the previous record of $3.63 billion set in 2021, according to the General Department of Customs.
Economy - Tue, January 14, 2025 | 8:48 am GMT+7
Thailand to set up negative income tax system
A tax reform committee has been set by the Finance Ministry of Thailand to study the implementation of a negative income tax (NIT) system.
Southeast Asia - Tue, January 14, 2025 | 8:23 am GMT+7
Thailand expands FTAs to boost global competitiveness
Thailand is intensifying efforts to expand its free trade agreements (FTAs) as a core strategy to boost economic growth and enhance its competitiveness in global markets.
Southeast Asia - Mon, January 13, 2025 | 10:22 pm GMT+7
Vietnam's real estate landscape in Q4/2024
Avison Young Vietnam analysts offer an insight into the developments in Vietnam's key real estate segments in Q4/2024 and forecast for 2025.
Real Estate - Mon, January 13, 2025 | 9:35 pm GMT+7
Economic diplomacy forms important pillar of Indonesia’s foreign policy in 2025
Indonesian Foreign Minister Sugiono has positioned economic diplomacy at the forefront of the nation's international engagement strategy.
Southeast Asia - Mon, January 13, 2025 | 8:20 pm GMT+7
Thailand's cosmetics market projected to grow 11% in 2025
The cosmetics and skincare market in Thailand is set for significant growth, with projections of a 9.5-10% increase in 2024 and an acceleration to 11% growth in 2025.
Southeast Asia - Mon, January 13, 2025 | 8:14 pm GMT+7
Indonesia sets coal production record amid rising energy demand
Indonesia's coal production reached a new high in 2024 amid soaring domestic and global energy demand.
Southeast Asia - Mon, January 13, 2025 | 8:11 pm GMT+7
Japan announces Indonesian projects worth $815 mln
Japanese Prime Minister Ishiba Shigeru announced a set of projects worth a total of JPY129 billion ($815 million) in Indonesia during his meeting with President Prabowo Subianto on Saturday.
Southeast Asia - Mon, January 13, 2025 | 8:10 pm GMT+7
Domestic consumption, public investment to drive Vietnam's 2025 GDP growth: Dragon Capital exec
Domestic consumption and public investment will be the primary drivers of Vietnam's GDP growth this year, says Le Anh Tuan, head of investment at Dragon Capital Group.
Economy - Mon, January 13, 2025 | 6:14 pm GMT+7
Southern Vietnam province drafts 10 MWt nuclear reactor plan
Vietnam’s southern province of Dong Nai is drafting a 1-to-500 ratio masterplan for a nuclear technology research center, with a 10-MWt nuclear reactor.
Energy - Mon, January 13, 2025 | 4:56 pm GMT+7
Major publisher donates books to Vietnamese community in northeastern Thailand
Vietnam Education Publishing House (VEPH) held an event in Hanoi on Friday to donate Vietnamese-language books to the Vietnamese community in northeastern Thailand through the Consulate General of Vietnam in Khon Kaen.
Companies - Mon, January 13, 2025 | 4:21 pm GMT+7
