Business

Top Glove spending $25 million on first factory in Vietnam

By Linh An July 23, 2019 | 10:50 AM GMT+7

The world’s largest rubber glove manufacturer Top Glove will open its first plant in Vietnam next year to cater to the rising demand for hygienic gloves.

The Vietnam unit is expected to become the second largest factory of Top Glove

With the RM100-million ($24.5 million) investment, the local unit is expected to become the second largest factory of the Malaysian company.

According to Top Glove, the plant will be built on an industrial plot in Vietnam, on a total area of over 20 acres. It is projected to be operational by the second quarter of 2020, with 40 production lines and a capacity of up to four billion pieces a year.

Top Glove now operates 40 factories in Asia, including 35 in Malaysia, four in Thailand and one in China. It has 648 glove production lines in total, with a capacity of 60.5 billion pieces a year. Top Glove has over 2,000 customers worldwide and exports to more than 195 countries.y in

Last year, the company posted $1 billion in revenue and nearly $106 million in profit.

In an interview with Japan’s Nikkei Asian Review, Top Glove executive chairman and founder Lim Wee Chai said that the decision to open a factory in Vietnam was not an attempt to reduce its reliance on China amid protracted trade tensions between Washington and Beijing.

“We plan to build at least one to two new factories every year and also remain open to mergers and acquisitions and joint venture opportunities in related businesses,” Lim told Nikkei, adding that almost $100 million is earmarked every year for expansion and automation.

Last December, Top Glove announced the establishment of its subsidiary Top Glove Vietnam Company Ltd., headquartered in Binh Duong province, to manufacture vinyl gloves and other products. Top Glove Vietnam has a registered chartered capital of VND136.7 billion ($5.94 million).

Top Glove’s expansion to Vietnam instead of China was said to be its strategy to tap into the potential vinyl glove market in the country as well as leverage the cheaper cost of production compared to China.

Foxconn to invest in $40-million assembly factory in Quang Ninh

Foxconn to invest in $40-million assembly factory in Quang Ninh

Business -  6 year
The Taiwanese electronics giant is considering setting up a TV screen plant in Quang Ninh province. Once completed, 3,000 jobs will be made available for local residents.
Foxconn to invest in $40-million assembly factory in Quang Ninh

Foxconn to invest in $40-million assembly factory in Quang Ninh

Business -  6 year
The Taiwanese electronics giant is considering setting up a TV screen plant in Quang Ninh province. Once completed, 3,000 jobs will be made available for local residents.
Leading with empathy in Vietnam’s billion-dollar investment flows

Leading with empathy in Vietnam’s billion-dollar investment flows

Business -  3 week

For Koen Soenens, Sales and Marketing Director at DEEP C, empathy is a compass that guides major deals, the way a leader builds a team, and the ambition to create a sustainable industrial zone that carries a Vietnamese identity.

Taseco Land’s new logo marks a new growth trajectory

Taseco Land’s new logo marks a new growth trajectory

Business -  1 month

Taseco Land has shifted its listing to HOSE and introduced a new upward-pointing arrow logo - a visual statement of its strategy to raise capital, expand its land bank, and strengthen its standing in Vietnam’s real estate sector

SAP positions Vietnam as key R&D hub with €150 million investment

SAP positions Vietnam as key R&D hub with €150 million investment

Business -  1 month

Located in the heart of Ho Chi Minh City, SAP Labs Vietnam is the second SAP Labs Network hub in Southeast Asia, following Singapore and is one of 20 countries that have SAP Labs globally.

Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Solar & Storage Live Vietnam returns, leading sustainability and innovation in energy sector

Business -  2 month

Solar & Storage Live Vietnam event has been running since 2017 and the 2025 edition will be the biggest yet.

New alliance pushes ESG standards for Vietnamese businesses

New alliance pushes ESG standards for Vietnamese businesses

Business -  3 month

A new partnership between EY and the Vietnam-Singapore Board Forum (VSBF) is set to strengthen ESG capabilities for Vietnamese businesses, helping shape more sustainable business models.

US giant backs Vietnam’s bid to lead ASEAN gas trade

US giant backs Vietnam’s bid to lead ASEAN gas trade

Business -  3 month

With strategic deals and strong policy alignment from the Vietnamese government, Excelerate Energy aims to anchor Vietnam’s LNG ambitions in the region.