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Foreign hi-tech firms expand investment in Vietnamese market

Molex, the world’s leading supplier of connectors and interconnect components, has unveiled its ambitions to expand its existing manufacturing plant in the Vietnamese market by developing its plant in Hanoi.

foreign hi-tech firms expand investment in vietnamese market picture 1

Molex's factory expansion is anticipated to generate at least 200 new jobs in the high-tech manufacturing sector.

This expansion is being done as a means of helping Molex to meet the growing demand for its products used in multiple fields, including smartphones, TVs, household appliances, medical and testing equipment.

Joe Nelligan, CEO of Molex, revealed that the company has been operating in the Vietnamese market for more than 15 years, adding that the expansion of the manufacturing plant in Hanoi will serve to accelerate its growth plan and improve production capacity in the Asia-Pacific region, as well as offering additional employment opportunities for highly-skilled workers.

Vanti Fan, director of Delta Electronic, said the nation is currently attracting investment from several countries around the world such as the United States, China, the Republic of Korea, and Singapore, affirming that Vietnam is the company's key strategic market.

He noted that the country enjoys a number of advantages such as a highly-skilled workforce, the development of a strategy for Industry 4.0 trends, and involvement in multiple Free Trade Agreements (FTAs) with the European region.

Delta is aiming to become one of the most successful and reliable solution providers by 2027 and grow to be among the top five automation solution providers in the Vietnamese market.

Sharing this viewpoint, Shi-Chi Ho, general director of Techman Robot Company, emphasized that Vietnam has had a high GDP growth rate which is projected to reach 7.5%.

At present, many large corporations worldwide are seeking to move their factories from China to other countries, including Vietnam.

According to a report released by TMX, the Asia-Pacific region's leading business transformation consultancy, Vietnam represents one of the markets with the lowest average operating costs in the Asian region, just higher than Cambodia and Myanmar.

In line with this, nation’s average total operating costs range between US$79,280 and US$209,087 per month.

Moreover, Vietnam also ranks fifth in terms of competitive scores compared to other countries in the spheres of business climate, talent, logistics, and digitalization, behind Singapore, Malaysia, India and Thailand.

Source: VOV

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