Deputy PM: Vietnam to focus on supply chain development

On June 23, at the governmental head office, Permanent Deputy Prime Minister Truong Hoa Binh met Executive Vice President of Techtronic Industries (TTI) Nate Easter to discuss TTI's investment plan in Vietnam.

Candy Lee

candylee10231023@gmail.com June 26, 2020 | 13:43

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Permanent Deputy Prime Minister Truong Hoa Binh meets Executive Vice President of Techtronic Industries Nate Easter (Photo: VGP)

Techtronic Industries (TTI) is one of the leading industrial manufacturing groups in the world. It tops the supply chain of electrical appliances with 12 factories around the globe. Among which, 76% of the products are supplied to the US and Northern markets, according to VGP News.

Mr. Nate Easter said that recently, TTI has promoted sustainable development. The estimated revenue of the group in 2020 is over USD 9 billion. TTI has a research and development (R&D) center in the US and Europe. TTI's wireless networking products and devices account for 35% of the global market share. In 2018, TTI invested in Binh Duong province and created jobs for more than 6,000 local workers, informed CafeF.

(Photo: VGP)

At the reception, Permanent Deputy PM Truong Hoa Binh affirmed that the Vietnamese Government always provides all available support to foreign businesses investing in Vietnam and focuses on handling their difficulties.

He promised to assign the Chairman of the Ho Chi Minh City People’s Committee to solve issues related to TTI's projects at the Saigon Hi-Tech Park, and the Ministry of Investment and Planning to cooperate with the municipal Customs Department to deal with custom clearance for TTI's goods via green channel.

The Deputy PM also said that many universities in HCM City could offer qualified workforce for TTI's project. At the same time, the Government also welcomes foreign technical and managerial experts to come to Vietnam for work.

At the meeting (Photo: VGP)

Emphasizing on the policies of Vietnam to collaborate with other nations in supply chain development, Mr. Binh expressed his hope that TTI as one of the global supply chain leaders will support Vietnamese ministries, agencies and localities in promoting investments and assist Vietnamese businesses to take part in its chain.

Mr. Binh added that the Vietnamese Government will keep devising appropriate policies, especially for small and medium-sized enterprises, wishing that TTI would transfer technology to Vietnamese firms.

Meanwhile, Mr. Easter said TTI is aiming at launching the largest research and development (R&D) center in Vietnam, as well as investing an additional USD 650 million in wireless electrical equipment plants at the Saigon Hi-Tech Park, which is set to be completed in the third quarter in 2021.

Techtronic Industries factory (Photo: VnExplorer)

TTI's R&D center is expected to attract about 2,000 engineers and experts in information technology, manufacturing and processing. TTI also sent staffs to universities to recruit employees.

Regarding TTI's long-term investment plan, Mr. Easter said TTI wishes to contribute and accompany the development of industry and high technology of Vietnam, including the development of domestic supply chains. TTI expects that in the next 2 years, TTI will attract about 180-200 Vietnamese enterprises to become suppliers for TTI, aiming at reaching about US $ 2.5 billion per year, with the domestic supply rate up to 60% in in 2020 and 80% in 2021.

Mr. Easter wished that the Vietnamese Government would approve TTI's projects at the Saigon Hi-Tech Park, permit its highly-skilled engineers to come to Vietnam for advanced products development, and offer a number of attractive incentives on finance, land and infrastructure, Nhan Dan reported.