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Saturday, 11/12/2021, 18:59 (GMT +7)
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Lego is about to build a new factory worth 1 billion USD in Vietnam
The Lego maker on Wednesday said it plans to build a new factory in Vietnam to meet rapidly growing demand for children's colored plastic bricks across Asia.
A production line of a Lego factory (Image: Lego)
Lego - a private Danish company - said it will invest more than 1 billion USD in the project, which will be the second Lego factory in Asia after opening a factory in China in 2016. Lego has achieved double-digit growth in the region since 2019. Lego's chief operating officer, Carsten Rasmussen, told Reuters.
“Growth in China and Asia is fantastic and we can see that over time that we will need more capacity,” he said, noting that the growing middle class and The number of people giving birth in the region is higher than in developed markets in Europe and North America.
This is the latest move in Lego's decades-old strategy of placing production close to key markets, helping to control costs and reduce external influences.
“It gives us shorter delivery time to our customers and make us able to react quickly on demand but it of course also makes us more resilient,” says Rasmussen.
He added that the decision to build in Vietnam was not prompted by the recent global supply chain disruptions.
It will also be Lego's first carbon-neutral factory as the company plans to combine energy consumption with solar energy from panels located on the factory and from a nearby farm.
Although Lego still makes bricks from oil-based plastic, Lego has pledged to replace these bricks with bricks made from sustainable materials by the end of the decade.
The plant, which begins production in 2024 and will employ up to 4,000 people, will be a "significant addition" to Lego's annual production of about 100 billion bricks, Rasmussen said, declined to provide further details.
Lego, which stands for "leg godt" which means "play well" in Danish, is also expanding capacity in Mexico, Hungary and China and adding machines at factories in Denmark and the Czech Republic, he said.
Read more:
- Global supply chain disruption expected through 2022
- High freight rate forecast affects the recovery of the global economy
Source: Phaata.com (According to Reuters/CNN)
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