Taiwan’s Compal targets US$2-billion exports from production expansion in Vietnam
Compal Group expects exports from its current assembly plant in Vietnam in 2019 is US$500 million.
Taiwan’s leading computer maker Compal Group plans to expand its production capacity in Vietnam to raise the group’s exports to US$1.5-2 billion per year, according to Ray Chen, the group's vice president.
Deputy Prime Minister Trinh Dinh Dung (r) and Vice President of Compal Group Ray Chen (l). Source: VGP.
|
The group expects exports from the plant in 2019 reach US$500 million, Chen added.
Deputy PM Dung highly regarded Compal’s investment activities in Vietnam, as well as its plan for production expansion in the future.
Dung said the government is committed to improving the local business environment, aiming for greater national competitiveness and becoming an attractive investment destination for both local and foreign enterprises.
According to Dung, Vietnam is willing to support foreign investors doing businesses in Vietnam, including Compal.
Last November, another Taiwanese tech company ASUS said it was considering the relocation of its Chinese production capacities to Vietnam, due to high tariffs imposed by the US on Chinese-made goods.
Economist Pham Chi Lan said Vietnam would benefit most if tech giants from North America, Europe and northeast Asia shifted investments from China to Vietnam, according to South China Morning Post.
Previously, a survey of companies from both US and China, published by the Guangzhou-based American Chamber of Commerce (Amcham) in South China, showed that most survey participants are looking at shifting production, assembly or sourcing of supplies to third countries, with Southeast Asia as the leading choice.
Some companies are already putting such plans into motion. Panasonic, for example, is moving production of car electronics from China to Thailand, Malaysia and Mexico. China's GoerTek, which assembles wireless earphones for Apple, has notified suppliers that it intends to relocate some of its production to Vietnam. Chinese polyester producer Zhejiang Hailide New Material is investing US$155 million in a factory in Vietnam with an eye toward US exports.
14:43, 2024/11/18
Aircraft manufacturer Embraer seeks comprehensive aviation partnership with Vietnam
The Vietnamese leader urges the aircraft manufacturer to collaborate on technology transfer, airport construction and operation, research, and investment in Vietnam.
21:55, 2024/10/22
Better links with FDI firms to support Hanoi businesses
Hanoi will continue to focus on quality projects, especially with partners such as Japan, the United States, and Europe to boost technology transfer.
15:24, 2024/09/24
Vietnam calls for more US investment in innovation, hi-tech
The Vietnamese leader called on relevant agencies to resolve any challenges faced by investors and enhance the investment climate to encourage greater US investment in Vietnam.
14:13, 2024/09/23
Vietnamese leader urges Boeing to build production facility in Vietnam
Boeing is committed to continuing to support the development of Vietnam's aviation ecosystem, focusing on aviation infrastructure, human resources training, airport construction, and aircraft maintenance facilities.
14:38, 2024/09/17
Foreign capital pouring into Vietnam's real estate market
Experts are optimistic that the 2024 Land Law, once enacted, will help resolve legal bottlenecks and attract more FDI.
16:27, 2024/08/24
Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years