Manufacturer of cordless power equipment, Techtronic Industries (TTI), will invest an additional $650 million in Vietnam to produce cordless appliances.
Construction of the cordless power equipment plant in Ho Chi Minh City’s Hi-Tech Park will be completed by the third quarter of 2021, TTI vice president Nate Easter said at a meeting with Deputy Prime Minister Truong Hoa Binh on Tuesday.
The Hong Kong-based company, which has a factory in the southern province of Binh Duong that began operations in 2018 and has created jobs for over 6,000 locals, will also develop a research and development center in Vietnam employing 2,000 researchers and engineers, Easter said.
Binh said the Vietnamese government prioritizes support for multinationals investing in Vietnam, adding that HCMC, with a large number of universities, is capable of providing high quality human resources for TTI’s projects.
TTI is cooperating with local universities to look for potential recruits in the future, Easter confirmed.
TTI is a leading manufacturer of power equipment and appliances with 12 production plants worldwide. Most of its products, 76 percent, are supplied to North American and West European markets. It holds 35 percent of the global market share in cordless power equipment.