TTI to build an R&D center that employs 2,000 people, expand investment in Vietnam

With the R&D center, the Hong Kong-based firm wants to contribute the development of industry and high technology in Vietnam by promoting local supply chains, Mr. Nate Easter, TTI executive vice president of Global Sourcing & Outdoor Products Operation told Deputy PM Truong Hoa Binh on Tuesday.  

In the next 2 years, the company’s project could involve 180-200 Vietnamese enterprises in its supply chains, which have value of $2.5 billion annually. Domestic companies are projected to contribute 60% of the supply chain in in 2020 and 80% in 2021, Nate said.

The existing investor in Vietnam is investing additional $650 million in a wireless power equipment plant in the technology park, one of Vietnam’s fastest-growing R&D and technology hubs and a future Silicon Valley. The project is expected to be completed in the third quarter of 2021.

Entering Vietnam in 2018, the world leader in power tools, accessories, hand tools, outdoor power equipment invested in Binh Duong province, creating jobs for more than 6,000 people.

Founded in 1985 and listed on the Stock Exchange of Hong Kong in 1990, TTI is included in the Hang Seng Index as one of their fifty constituent stocks.

The company maintains a powerful brand portfolio, global manufacturing and product development footprint, healthy financial position with record 2019 worldwide sales of $7 billion and over 30,000 employees.

Despite crisis, the firm which has R&D center in the US, Europe expects 2020 revenue at over $9 billion. Its wireless electronic products and devices account for 35% of the global market share, said Nate Easter.