Apple supplier Goertek plans to invest US$280 million to set up a new subsidiary in Vietnam as it seeks to expand in the Southeast Asian market.
To be based in the northern province of Bac Ninh, it is likely to manufacture headphones, smart watches and virtual reality and augmented reality electronics products, the Chinese company said in a recent filing with the Shenzhen Stock Exchange.
It hopes to “use local resources in Vietnam to enhance the company’s overall competitiveness.”
It has been in Vietnam for 10 years with subsidiaries Goertek Vina and Goertek Technology Vina.
In 2022 the latter reported revenues of $2.5 billion and a net profit of $191 million.