Bosch will continue expanding in Vietnam. (Photo: open4business.com.ua)
Bosch continues to see Vietnam as a main growth market and is committed to increasing investment in the country, Vo Quang Hue, general director of Bosch Vietnam, was quoted by Saigon Times as saying.
Bosch will pour another $22 million this year into Gasoline Systems plant that produces CVT pushbelts for automotive engines in the southern province of Dong Nai, after capitalizing $23 million to expand the plant last year.
The additional investment aims to lift the plant’s capacity to meet rising demand from auto manufacturers in Japan, China, Mexico and Thailand.
The upcoming capital addition will bring the total investment by Bosch in the plant to $340 million in five years.
Bosch Vietnam plans to recruit additional 600 laborers this year, 80% of whom will work for its two Ho Chi Minh City-based research & development (R&D) centers, now home to 950 experts and engineers.
Bosch Vietnam posted consolidated revenue of $68 million in fiscal year 2015, rising nearly 50% from a year earlier, Mr. Hue said.