Chinese display maker BOE expands operations in Vietnam with $300 million investment

November 22, 2023 | 13:56
(0) user say
The China-based display maker Beijing Oriental Electronics Group (BOE) is set to invest $300 million in Vietnam's smart terminal project.
Chinese display maker BOE expands operations in Vietnam with $300 million investment

Chairman of Ba Ria-Vung Tau People's CommitteeNguyen Van Tho hosted a meeting with representatives from Chinese display maker Beijing Oriental Electronics Group (BOE) on November 17 to discuss the upcoming BOE Vietnam Phase II smart terminal equipment project. BOE Group is a supplier of both Apple Inc. and Samsung Electronics Co., Ltd.

The project is set to be located in the specialised Phu My 3 Industrial Park (IP).

With a total estimated investment of around $300 million, the venture will cover an anticipated land area of approximately 286,000 square meters, divided into phases 1 and 2. The project's objectives include the assembly and production of seven million computer monitors annually, 3 million televisions, 40 million electronic shelf labels (ESL), 20 million ESL module boards, 20 million plastic components, and 44.8 million surface mount technology (SMT) circuit boards.

The project is scheduled for completion and operationalisation by 2026, with an expected demand for 3,300-3,500 domestic personnel and 35-40 foreign staff.

Expressing his enthusiasm for BOE's choice of Phu My 3 IP, Tho stated, "We welcome BOE's interest and its selection of Phu My 3 as the company's investment destination."

He further assured that the province would provide support and create optimal conditions for the investor to promptly initiate the project.

To facilitate the process, Tho assigned Ba Ria-Vung Tau Industrial Zones Management Board to coordinate with relevant departments and agencies in guiding the investor through the required procedures.

Having already established its first factory in Vietnam in Nhon Trach II IP in Dong Nai in November 2019, BOE Group is now expanding its operations with this second venture at the specialised Phu My 3 IP.

In January 2023, Reuters reported that BOE Technology Group was planning a $400 million investment for the construction of two additional factories in Vietnam. Negotiations are said to be underway to lease land in the northern region, underlining BOE's commitment to further solidifying its presence in the country's burgeoning technology manufacturing sector.

Founded in April 1993, BOE is a prominent the Internet of Things (IoT) company providing intelligent interface products and professional services for information sharing and human health.

As of 2022, BOE had independently filed more than 80,000 applications to patent offices around the world. Out of the new applications, over 90 per cent were patents for inventions and more than 33 per cent were filed overseas, including in the US, Europe, Japan, and South Korea.

According to the 2022 US Patent Grant Statistics Report released by IFI CLAIMS Patent Services, BOE ranked 11th in the world, making it into the top 20 for the fifth consecutive year and remaining one of the few Chinese enterprises on the list.

According to the 2022 rankings for international patent applications published by the World Intellectual Property Organization, BOE ranked seventh in the world with 1,884 PCT patent applications, having been among the top 10 for seven years in a row.

Foxconn gains projects worth $246 million in Quang Ninh Foxconn gains projects worth $246 million in Quang Ninh

Quang Ninh People's Committee has granted investment certificates for two Foxconn projects worth more than $246 million in Song Khoai Industrial Zone (invested by Thailand’s biggest industrial developer Amata) and Quang Yen Economic Zone.

Foxconn earns $317 million in after-tax profit in Vietnam Foxconn earns $317 million in after-tax profit in Vietnam

The world's largest contract manufacturer and assembler of electronics, Hon Hai Precision Industry Co., Ltd., trading internationally as Foxconn, outperformed its industry rivals last year, reportedly earning VND7.5 trillion ($317 million) in after-tax profit from its 16 Vietnamese plants.

By Trung Duong

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional