Vietnam the most important manufacturing hub of Chinese electronics giant Luxshare-ICT: exec

Major Chinese electronics manufacturer Luxshare-ICT will expand its operations in Vietnam by rolling out large science-technology and innovation projects in the northern province of Bac Ninh and other localities, its vice chairman Wang Laisheng said on Saturday.

The new projects are expected to generate an annual revenue of at least $10 billion each, Wang told Vietnamese Party chief To Lam at their meeting in Hanoi.

Wang Laisheng emphasized that Vietnam remains the most important manufacturing hub among the 29 countries and territories where Luxshare-ICT has investments.

He affirmed Luxshare-ICT’s focus on training and upskilling Vietnamese engineers and workforce, maintaining its ratio of local staffing which is among the highest compared to other foreign enterprises.

The executive expressed hope that Luxshare-ICT’s projects will help enhance Vietnam’s position in the high-tech industry value chain regionally and globally.

In response, the Vietnamese top leader lauded Luxshare-ICT’s business efforts in Vietnam over the past decade, with total investment capital exceeding $1.8 billion and creating tens of thousands of jobs.

Lam pinpointed some areas where Luxshare-ICT should further boost investment in, including digital economy and green economy, science-technology, innovation, electronic components, semiconductors, technology transfer, and high-quality personnel training.

In Vietnam, Luxshare has invested around $600 million to build six factories, including four in Bac Giang province (now part of Bac Ninh) in the north and two in Nghe An province in the central region.

These facilities focus on producing cables, computer connectors, consumer electronics, and automotive components, according to the website of its subsidiary Luxshare-ICT (Vietnam) Limited.