In addition to R&D centers in the US and Europe, Hong Kong-based world leading manufacturer of cordless power equipment Techtronic Industries (TTI) is planning a similar one with the largest scale in Vietnam, according to Nate Easter, TTI’s vice president.
|Deputy Prime Minister Truong Hoa Binh and TTI’s Vice President Nate Easter. Photo: VGP.|
Once completed, the R&D center would attract around 2,000 engineers and researchers in the fields of IT and manufacturing, said Easter in a meeting with Deputy Prime Minister Truong Hoa Binh on June 23.
TTI is cooperating with local universities to look for potential recruitment in the future, he stated.
In the long term, TTI expects to play a more active role in the development of hi-tech industries in Vietnam, in turn boosting development in the domestic supply chains, Easter added.
TTI wants to attract 180 – 200 local firms to join its supply chains to generate combined revenue of US$2.5 billion per year, taking the localization rate in the supply chain to 60% in 2020 and 80% in 2021, Easter stated.
Easter asked the government to speed up the approval process for TTI’s investment projects in Ho Chi Minh City’s hi-tech industrial parks, and provide incentive policies and support the return of foreign experts to Vietnam to soon execute these projects.
In 2018, TTI made its latest investment in Binh Duong province and creates jobs for over 6,000 locals.
The multinational is preparing for an injection of an addition of US$650 million into its cordless power equipment plant projects in Ho Chi Minh City, scheduled to be completed in the third quarter of 2021.
Deputy Prime Minister Binh said the Vietnamese government has given strong priority to supporting multinationals investing in Vietnam.
Binh said he would forward TTI’s suggestions to the Ho Chi Minh City People’s Committee to speed up the corporation’s projects.
Binh stated Ho Chi Minh City with high number of universities is capable of providing high quality human resources for TTI’s projects.
Meanwhile, the government has in principle agreed to allow the entry of foreign experts and engineers to Vietnam, Binh informed.
Binh expected TTI, with its position at the top of global supply chains, would facilitate more investment capital in Vietnam, particularly in the supporting industries, as well as assisting more local enterprises to join TTI’s global supply chains.
In the future, the government would continue to provide more supporting policies for local firms to join global value chains, while expecting TTI to continue transfering technologies to its Vietnamese peers, Binh stated.
TTI is one of the world’s leading manufacturers of power equipment and appliances with 12 production plants globally, 76% of its products are supplied to North American and West European markets.
TTI holds 35% of the world’s market in cordless power equipment.