Swedish locksmith Assa Abloy to build second factory in Vietnam

Assa Abloy Group, a global leader in entrance automation and door opening and control, will build its second factory in Vietnam at the Deep C Haiphong II Industrial Zone in the northern port city of Hai Phong.

The 4.3-hectare factory will have the capacity of producing two million door closers per year for export, equivalent to 2,800 tons.

Construction is slated for next year and will be completed in the third quarter of 2024, and the facility will come into operation in the fourth quarter of the year.

The Swedish giant already has a factory in the Ba Thien II Industrial Park in the northern province of Vinh Phuc. With an annual capacity of three million products, the $25-million plant entered operation in 2020.

Since opening in May 2018, Deep C Haiphong II has seen a rise of electronics and automotive clusters led by the world’s leading manufacturing companies. The 645-hectare facility is only three kilometers from the Dinh Vu seaport, six kilometers from Cat Bi International Airport, and four kilometers from the Hai Phong-Ha Long-China Expressway.

The industrial zone offers low corporate income tax (CIT) of 4.35% on average for the first 15 years, versus the normal rate of 20%. In particular, tax exemption is available for the first four years, a 50% reduction of payable CIT is applied for the next nine years, and low CIT of 10% is set for the next two years.

As of November 20, Hai Phong had attracted 972 foreign direct investment (FDI) projects with total registered capital of $25.17 billion.