- The company’s latest manufacturing base in Vietnam will boost local manufacturing capabilities to meet the growing demand for superior quality products in the country as well as Southeast Asian markets and other markets
- It will become the largest digitized facility among all of the Chinese TV brands’ factories in Southeast Asia upon completion
- Underpins the company’s long-term commitment to contributing to the economic development of Vietnam and creating jobs for local people
Binh Duong, Vietnam, February 23, 2019 – TCL, top three global television brand and leading consumer electronics company, today laid the foundation for its new integrated manufacturing base in Binh Duong (Ping Yang), Vietnam. It will become the largest digitized manufacturing facility with a fully integrated supply chain among all of the Chinese TV brands’ factories in Southeast Asian markets upon completion.
The move signifies Vietnam’s strategic position in TCL’s global development as a regional manufacturing hub. It also underpins the company’s long-term commitment to the Vietnam market. Covering an area of approximately 73,000 square meters, the new manufacturing base has a two-phase construction plan with a total investment of over USD53.56 million (RMB360 million). The production capacity of phase one is expected to be up to 1 million TV units per year with an investment of USD37.19 million (RMB250 million), which is double the current production capacity of the factory in Dong Nai. Once construction of phase two is complete, with an additional investment of USD16.37 million (RMB110 million), the production capacity will reach a maximum of 3 million units per year.
The integrated manufacturing base will supply products to both the Vietnam market and other overseas markets, including the Philippines, Thailand, the U.S. and Europe, to meet the growing demand for superior quality TVs.
The construction of the integrated manufacturing base, part of TCL’s global expansion following the recent construction of its first integrated smart manufacturing industrial park in India, will help promote the rapid development of Vietnam’s export businesses and create a large number of jobs for the local workforce, contributing to the sustainable economic development of Vietnam and providing both Vietnam and other overseas consumers with advanced, high-quality products and services.
“As our first overseas market, Vietnam has long been a strategic market for TCL and our investment in Vietnam is a significant part of our global expansion plans,” said Kevin Wang, CEO of TCL Electronics. “We will gradually introduce more and greater value superior quality products to Vietnam to satisfy the increasing needs of local consumers and to help them live a better life, with the help of our leading vertical integration capabilities,” he added TCL entered the Vietnam market in 1999 and the company has successfully replicated its international success within the country. In Vietnam in 2018, TCL’s sales volume grew by 50% year-on-year and the company is now the fourth biggest TV brand in the country. Thanks to robust local growth, TCL has chosen Vietnam as one of the first countries to roll out its first QLED 8K TV model, which features ultra-vivid picture quality and immersive sound.
Globally, TCL maintained robust growth in 2018. The company’s overall LCD TV sales volume rose by 23.1% year-on-year to 28.61 million sets, exceeding the full-year target of 28.30 million. In overseas markets, its LCD TV sales volume rose by 29.5% year-on-year to 18.21 million sets, contributing over 60% to the overall sales volume. In the North American market, TCL continued to consolidate its leading position and climbed to second place in terms of sales volume in the third quarter and November in 2018, according to the latest NPD market research report. In the emerging markets, including South America, the company also maintained its fast growth.
In addition, according to a report by research firm Sigmaintell, TCL ranked second globally in terms of shipping volume in 2018.
Senior executives from TCL Electronics, including Kevin Wang, CEO of TCL Electronics; Harry Wu, General Manager of TCL Electronic Overseas Business Group; Sam Zhang, General Manager of TCL Electronics Operation Center; and officials from Vietnam government, including Nguyễn Thành Trung, Vice Chairman of VSIP Management Board; and Xichen Wei, Commercial Counselor of the consulate general of the people’s republic of China in Ho Chi Minh city attended the TCL Vietnam’s integrated manufacturing base ground-breaking ceremony held in Binh Duong, Vietnam on February 23, 2019.