A store selling Giant bicycles in Bình Dương Province. Giant will pump $120 billion to build another plant in Bình Dương Province. — File Photo
Giant will invest US$120 million to expand production in the southern province of Bình Dương, Bonnie Tu, chairwoman of the Taiwanese bicycle manufacturer said while working with the local authority on Monday.
Accordingly, Giant will build another plant in Việt Nam – Singapore Industrial Part 3. The existing plant was developed in Việt Nam – Singapore Industrial Park 2 in 2021 with a total investment of $60 million in the first phase which aims to produce one million bicycles per year.
The expansion aims to capitalise on the rising global demand for bicycles and electric bicycles.
Dũng said that the local authorities will provide support to Giant in handling legal procedures so that the investment can be realised early.
He pledged that Bình Dương will create the most favourable conditions for enterprises to do business efficiently.
Giant’s bicycles are exported mainly to the US and EU. The company also eyes the potential Vietnamese market with a population of around 100 million.
Giant also enjoys tax incentives for made-in-Việt Nam bicycles when exporting to ASEAN markets.
The company currently owns more than 15 plants in Holland, Hungary, China and Việt Nam. — VNS