Goertek announces major investment boost for Bac Ninh
Jiang Bin, chairman of Goertek Group, revealed plans for the company to significantly increase its investment in Bac Ninh at a meeting on October 24, potentially tripling or even quadrupling the firm's current financial commitment in the northern province.
Also in attendance was Nguyen Anh Tuan, Secretary of Bac Ninh Party Committee, who was there to commemorate Goertek Vina Co., Ltd.'s 10-year anniversary.
Bin said, "Goetek initially arrived at Que Vo Industrial Park (IP), Bac Ninh in 2013. Since then, our total investment in the province accounts for a substantial 20 per cent of our overall global total, and the firm has already committed to three other projects."
These include a collectively registered investment surpassing $900 million, allocating $60 million to Goertek Vina, $565 million to Goertek Technology Vina, and an additional $280 million to its latest endeavour in Nam Son-Hap Linh IP.
However, the Nam Son-Hap Linh project has encountered challenges related to fire safety, electrical transmission, transformer stations, and various other factors. Addressing these issues, Bac Ninh leaders are slated for an on-site inspection this month to expedite a resolution.
According to local portal Bacninh.gov.vn, Goertek has reported a stunning growth rate of over 91 per cent across the decade. Significantly, Goertek's operations in Bac Ninh have been pivotal in job creation, providing employment for 37,000 local personnel, with forecasts predicting the workforce to nearly double, reaching approximately 70,000 by the second quarter of 2024.
Beyond its business accomplishments and manufacturing prowess, Goertek has earned recognition for its dedicated contribution to the wellbeing of its employees and the broader community. The company participates in various charitable and social welfare activities, reinforcing its commitment to the social and economic fabric of Bac Ninh.
Despite operating only two factories in 2021, Goertek's Vietnamese revenue exceeded $3.3 billion, predominantly generated by Goertek Technology Vina.
As per Goertek's consolidated report, in 2022, Goertek Technology Vina emerged as the second-largest investment by the conglomerate, accounting for nearly $109.3 million. Its total assets amounted to almost $1.7 billion.
The revenue from Goertek Technology Vina in 2022 stood at just under $2.5 billion, with a net profit of slightly over $191.3 million.
By Lam Tien
Source: VIR
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