Taiwanese bike manufacturer Giant to invest $120 mln more in southern Vietnam

Giant Group, a Taiwan-based bike manufacturer, plans to invest $120 million more in Binh Duong province, a southern industrial hub of Vietnam, said Bonnie Tu, chairperson of the group.

At a Monday meeting with Binh Duong's Vice Chairman Mai Hung Dung, Bonnie Tu said Giant Group started investing in the province from 2021, with $60 million in a factory in Vietnam-Singapore Industrial Park (VSIP) II-A. The facility has an annual capacity of one million bicycles.

Thanks to the successful operation of the first plant and the strong support of the provincial authorities, Giant Group plans to make further investment in VSIP III, she added.

Welcoming the firm's intention, Mai Hung Dung asked relevant agencies to cooperate with the Taiwanese firm in processing administrative procedures. He affirmed that Binh Duong always faciltates businesses' operations.

Established in 1972, Giant now operates 15 factories across the world. The firm reaped a profit of $2.95 billion in 2021. In 2020, the firm's output was 6.5 million bikes, nearly doubling that of 3.7 million in 2018.

Binh Duong province is an attractive destination for foreign direct investment (FDI) in Vietnam. While the country had attracted $475.8 billion in registered FDI as of March 20, Binh Duong's figure was $40.6 billion, only behind Ho Chi Minh City and Hanoi, according to the Ministry of Planning and Investment.