Kam Kiu Aluminium Products Group, a Hong Kong-based supplier to tech giants Apple, Samsung, and Volkswagen, is set to invest US$100 million in a new aluminum factory in northern Vietnam, according to The Investor.
This move aligns with the rapidly growing demand for aluminum in Vietnam spurred by new factories belonging to major electronics manufacturers from Taiwan and South Korea, like Foxconn and LG–Foxconn has announced an increase in its investment in Vietnam to US$52.6 million, and LG is set to complete its factory complex in 2025 doubling its investment in Vietnam.
Of note, the Industrial Production Index for electronics products and computers in July increased 20.3 percent year-on-year. Electronic exports increased by 50.7 percent, computers by 31.5 percent, and phones by 11 percent in July over the same period last year.
See also: How to Open a Factory in Vietnam: Ultimate Guide 2024