TTI wants to develop $650 million plant in Vietnam
Horst Julius Pudwill, chairman of TTI (left) and Prime Minister Nguyen Xuan Phuc. Source: chinhphu.vn
In the framework of the meeting with Prime Minister Nguyen Xuan Phuc, TTI's chairman Horst Julius Pudwill expressed the corporation's ambition to develop a plant and an R&D centre with the target of making Vietnam its new manufacturing base.
The group sees that Vietnam offers numerous investment opportunities thus, and are looking to increase its investment to manufacture products for export, while simultaneously developing German-standard training schools to improve the quality of the Vietnamese engineering workforce. Besides, TTI hopes that its investment will be a basis to encourage satellite companies to relocate to Vietnam to join its supply chain.
Notably, the plant will have a total investment capital of $650 million which focuses on manufacturing hand-held power tools with integrated technology for designing and manufacturing control devices, power electronic transformers for the power industry, mechanical engineering, and the Internet of things.
Besides, the group also wanted to open a vocational training school worth over $24 million in District 9 and plans to build the second German House in Ho Chi Minh City.
It is not the first time TTI expressed its interest in developing facilities in Vietnam. Earlier in February, TTI announced plans to invest in a solar panel manufacturing plant and an R&D centre in SHTP. However, at the time, the proposed investment capital was $150 million only, much lower than the latest offer.
By Ha Vy