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Ford invests $82 million to expand Vietnamese plant

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Ford invests $82 million to expand Vietnamese plant

 

2020-01-14T103642Z_1_LYNXMPEG0D0ND_RTROPTP_4_VIETNAM-FORD-INVESTMENT.JPG

FILE PHOTO: A man works at Ford Vietnam car factory in Hai Duong, Vietnam April 12, 2019. REUTERS/Kham

 

HANOI (Reuters) - Ford Motor Co <F.N> said on Tuesday it is investing $82 million to expand its plant in northern Vietnam to boost production capacity.

 

Ford Vietnam, established in 1995, said the expanded factory would boost the U.S. automaker's annual capacity in Vietnam to 40,000 vehicles from current volume of 14,000 units per year.

 

The company reported it sold 32,175 cars in 2019, up 31% from a year earlier.

 

The additional investment, which will bring the company's total investments in Vietnam to more than $200 million, will come in two stages over a two-year period starting this year.

 

Deputy Trade Minister Do Than Hai said he expected the expansion would reduce Vietnam's reliance on imported vehicles and therefore lower the country's trade deficit.

 

The construction will expand the facility across an additional 60,000 square metres of land, bringing the total area to 226,000 square metres.

 

(Reporting by Phuong Nguyen, editing by Louise Heavens)

 

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-- © Copyright Reuters 2020-01-15
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53 minutes ago, yellowboat said:

Its the new Thailand. 

Another loss coming up in Thailand soon, its 66% cheaper labor in Vietnam.

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1 hour ago, spidermike007 said:

Perhaps alot more of this will happen, and it will open the eyes of the "leadership" here, who just assume Thailand remains the center of the universe, and tourists and companies will just have to come here, due to the majestic allure of the place. Things are changing. The world evolves, and Thailand does not. The nation remains one of the least progressive places on earth. If it were not for Bangkok, just think of where the nation is, in terms of overall progress.

Even ladies of the night are leaving for foreign shores... it must be bad!

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A Month or so ago, it was Toyota who announced an expansion program to service its Thai operations just over the Border in Cambodia, and now Ford announce more investment into Vietnam.

Its not just the cheaper Labour that is drawing these Companies away from Thailand, its also the fact that the Labour is more skilled.

 

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15 minutes ago, Cake Monster said:

A Month or so ago, it was Toyota who announced an expansion program to service its Thai operations just over the Border in Cambodia, and now Ford announce more investment into Vietnam.

Its not just the cheaper Labour that is drawing these Companies away from Thailand, its also the fact that the Labour is more skilled.

 

Cambodian labour is more skilled than Thai labour....really!

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8 hours ago, legend49 said:

Another loss coming up in Thailand soon, its 66% cheaper labor in Vietnam.

Measured how?

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The death nail was the coup, then stupidity and greed against Toyota and Prius (rather than be extorted the Japanese just closed down production), then breaking international law by closing the Gold Mining opperation of a foreign company (I wonder if he will be held to account for the losses to Thailand as he did with the legal elected PM). I get so sad when I think Thailand could very much been like Japan or even South Korea but the greed of a few families prevented it from happening. Taksin like him or hate him had the country on the right path but again it was no allowed. 

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22 hours ago, legend49 said:

Another loss coming up in Thailand soon, its 66% cheaper labor in Vietnam.

Are you going to tell us how and why that is or not?

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Thai's just dont get it, maybe they will when it's too late

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2 minutes ago, ChipButty said:

Thai's just dont get it, maybe they will when it's too late

Try reading this and calm down:

 

 

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