In the midst of the world’s slow and steady pursuit of recovery from the unprecedented impact of the pandemic, Vietnam’s economy stands resilient. Gaining traction from its laudable management of the global crisis at its onset, the Vietnamese government has, and continues to implement strong measures to support businesses, including key sectors that have fundamentally contributed to the Vietnamese economy. One such sector is the manufacturing and supply chain sector – at the forefront of which is Techtronic Industries (TTI), a world leader in the professional and industrial power tools and equipment supply chain.
On 23 June 2020, Vietnam’s Deputy Prime Minister Truong Hoa Binh welcomed TTI Executive Vice President Nate Easter, along with VILAF lawyers, at the Government Headquarters in Hanoi expressing the Vietnamese government’s continued support for TTI’s ongoing operations in the Binh Duong province in Vietnam, which to date, has generated more than 6,000 local employment opportunities. In particular, the investment climate in Vietnam is foreseen to become one in which favorable conditions and policies are consistently adopted by the government to attract and maintain investments, including ease of access to green channel customs regulations and streamlined processes amongst different government agencies.
As part of its long-term plans in Vietnam, TTI is poised to complete its US$650 million investment to construct facilities in the Ho Chi Minh City Hi-tech Park for the manufacture of cordless electrical equipment by the third quarter of 2021. TTI also intends on building its biggest Research and Development (R&D) Center in Vietnam, envisioned to attract and serve as a hub for engineers and industry experts in information and manufacturing technology. For Vietnam, this would mean significant opportunities for local enterprises to form part of TTI’s local supply chain and a gradual transfer of technology and capacity building programs for Vietnamese enterprises.
VILAF, as TTI’s legal counsel in Vietnam, is ready to work hand-in-hand with TTI as it forges ahead in its expansion in the Vietnamese market and maintaining its strong position in the global supply chain market. TTI’s investment brings benefits to Vietnam’s workforce, growing local supply chains, and contributing to economic growth, setting forth a successful example for other qualified foreign investors choosing Vietnam as a reliable destination.