Power tool manufacturer Techtronic Industries will invest an additional $650 million in Vietnam to produce cordless appliances, the Vietnamese government said on Tuesday.
Construction of the new plant in Ho Chi Minh City will be completed by the third quarter of 2021, the government said in a statement.
According to a report on Reuters, the company, which has a factory in the neighboring province of Binh Duong, will also develop a research and development center in Vietnam employing 2,000 researchers and engineers, the government added.
Techtronic Industries (TTI) is a world-class leader in design, manufacturing and marketing of power tools and accessories, outdoor product equipment and floor care for consumers, professional and industrial users in the home improvement, repair and construction industries.
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Vietnam has proved that it is an attractive and safe destination for investors, as reflected through positive signs in foreign direct investment in the country in the first five months of this year, according to an official from the Ministry of Planning and Investment.
During the period, newly-registered FDI capital was up 15 percent while additional capital increased 32 percent despite the impact of the COVID-19 pandemic worldwide.