Bosch plans to further strengthen its presence in Vietnam with an additional EUR58 million ($67 million) investment in its gasoline systems facility in the southern province of Dong Nai.
“With this investment, we are able to meet the rising demand for continuously variable transmission pushbelts from automakers across the Asia-Pacific and North America,” said Peter Tyroller, member of the Bosch board of management responsible for the Asia-Pacific region.
The additional investment will be used to extend production capacity and construct a new production building within the plant premises. With this investment, the company will have invested a total of EUR321 million ($372 million) in the plant.
“We are also on the way to turn the plant into a smart factory and started implementing Industry 4.0 solutions,” said Martin Hayes, president of Bosch Southeast Asia.
The plant started operations in April 2008, producing continuously variable transmission (CVT) pushbelts for automobiles for the global market. By March 2017, the plant reached a significant milestone by producing its 20 millionth CVT pushbelt.
Bosch has become one of the largest European investors in Vietnam, operating in all four areas: research and development (R&D), manufacturing, sales, and services. Hayes said that, “The establishment of Bosch Vietnam as an organisation ten years ago was an important step for our success story here in the ASEAN.”
Celebrating its 10th anniversary in the country, Bosch continues seeing great potential in the market.
“With a population of almost 96 million, a rising middle-income class, high internet penetration, and a growing tech-savvy consumer base, Vietnam has become one of the key growth drivers of Bosch in Southeast Asia,” added Hayes.
After a fruitful decade, Bosch aims to continue making a difference in the country with its products and solutions as a top employer and by strengthening the local industry.