The six-hectare Nippon Paint Vinh Phuc, which will be operational in February next year, will produce general industrial paint for automotive and motorcycle industries, marine coatings and resin. The plant will recruit 500 local employees.
Fujita Tetsuro, Nippon Paint’s chief operation officer for South East Asia, said at the ground breaking ceremony that the setting up of the Vinh Phuc facility was part of its regional expansion strategy.
Asked by the Daily why Nippon Paint invests in the third facility in the hardest time of Vietnam’s economy, Tetsuro replied: “We believe that after the economic downturn, Vietnam will have strong economic growth.”
He added the company’s expansion plan was also encouraged by the two nations’ leaders to tighten Japan-Vietnam cooperation.
Vinh Phuc Province’s Chairman Phung Quang Hung said at the ceremony that he was very happy to welcome the project. Hung said 124 foreign invested projects with total capital of US$3 billion had changed the local economy.
Nippon Paint opened its first facility – Nippon Paint Vietnam in Bien Hoa Industrial Zone II in Dong Nai Province in 1994, and the second – Nippon Paint Vietnam Hanoi in 2006.