Starting construction of the billion-dollar factory in Binh Duong in November 2022, Lego said the first "Made in Vietnam" products will be manufactured in the second half of 2024.
The information was recently updated by Mr. Preben Elnef, General Director of Lego Manufacturing Vietnam. Currently, there are more than 2,000 construction workers working directly at the factory, and this number will double by the end of this year.
In December 2021, Lego announced plans to build a new $1 billion factory in Binh Duong province. This is one of the Danish company's largest investments in Vietnam to date, as part of a strategy to expand and shorten its supply chain, helping Lego meet the needs of the Asian region.
Construction progress of Lego factory until September 2023 in Binh Duong province. Photo provided by the company
The Lego factory has also started recruiting, aiming to have 100 employees this year and 500 by the end of 2024. This team will be responsible for operating machines for many processes such as molding, processing, and packaging when the factory is operational.
In the first quarter of 2024, the recruited staff will be trained directly at the factory and exchange knowledge from the global factory system. The long-term vision of the factory is to create 4,000 jobs within 15 years.
Lego said the Vietnam factory follows a common design with other factories, with high-tech manufacturing equipment to ensure the accuracy of each brick is down to a tenth of a hair. The "Made in Vietnam" bricks are exactly the same as bricks made over the past 60 years.
In addition to the factory, the project campus is also designed to plant 50,000 green trees on an area of 30 hectares using the Miyawaki method (a method of planting trees to create forest cover on degraded land) with native Vietnamese trees. This item was completed on September 15. In addition, more than 12,500 solar panels will be installed on the roof, with a total capacity of 7.4 MW, and a solar farm will be built on the adjacent land to provide energy for the factory.
A recent HSBC report stated that despite trade challenges, Vietnam continues to be a leader in attracting quality FDI in Southeast Asia. GI investment, or new establishment investment, in Vietnam increased by 40% year-on-year in the first 8 months of 2023. The manufacturing sector alone accounted for 85% of total new FDI.
Notably, new FDI inflows into the manufacturing sector so far this year have surprisingly exceeded investment in each of the past three years. "Despite the trade downturn, this trend offers hope for Vietnam's recovery as the economic cycle turns," the HSBC report said.
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