Wednesday, February 27, 2008

Germany’s Schaeffler group invests US $117 in Vietnam

Nhan Dan Online - Total investment in Vietnam by Schaeffler, a leading bearings manufacturing group from Germany, will hit US $117 million within the next two to three years when construction of Schaeffler plant in Amata Industrial Zone in southern province of Dong Nai, said Mr Phan Thanh Minh Tam (photo), head of Schaeffler Vietnam Co., Ltd.

Upon its completion in 2010, the factory will be able to produce over 160 million rolling and plain bearings a year and provide jobs for 1,000 workers.

A majority of the products will be for exports and part will be for domestic consumption.

According to Mr Tam, two months after receiving a business license in July 2007, the first shipment of machinery was imported. While waiting to be allocated land to build their plant, Schaeffler Vietnam decided to lease two ready build factories, installing machines and the first tapered roller bearing was produced in December 2007.

Products of Schaeffler.

The Germany group established its representative in Vietnam in 2001. Six years later, it decided to expand its investment in Vietnam by building a plant in the country.

Mr Tam said Vietnam’s increasing attractiveness to foreign investors, socio-political stability, high economic growth and workers are quick to master professional skills are the explanations for this decision.

At a seminar held last week in Hanoi on Bearings and Technical Services of Schaeffler Group for the Cement Industry, domestic cement producers showed their interest in Schaeffler Bearings.

Schaeffler Vietnam was also committed to strengthen co-ordination with the Vietnamese Cement Association to provide members of the association with the latest information on bearings for cement industry.