Despite its abundant development potential, the electronics industry faces several limitations and challenges. In this challenging context, Foster Electric (Da Nang) Co., Ltd has distinguished itself as a leading entity that not only navigates these difficulties with resilience but also embraces innovation and demonstrates commitment to its partners and employees.
Foster Electric Vietnam Co., Ltd
Mr. Nguyen Quan Hoang, a representative of Foster Electric (Da Nang) Co., Ltd, said: After many years of operations in Vietnam, the company now boasts four factories located in key economic regions. In 2006, Foster established its first factory in Binh Duong province. Building on this success, the company opened a factory in Da Nang City in 2008, followed by another in Bac Ninh in 2010, and a fourth in Quang Ngai province in 2011. Collectively, these factories employ approximately 6,000 individuals.
The company chose to invest in Da Nang for three primary reasons. Firstly, its favorable location between Ho Chi Minh City and Hanoi aligns well with Foster's requirements for material supply and component manufacturing. Da Nang plays an important role in fostering cooperation along the East-West Economic Corridor, notably linking with Laos and Thailand. The city benefits from well-developed infrastructure, including seaports and an international airport, as well as a robust and skilled labor force.
Foster Electric (Quang Ngai) Co., Ltd
Since its inception, Foster has reached many significant milestones, experiencing both notable successes and challenges. During the first five years, the company employed approximately 2,000 employees, a period marked by preparation and exploration. The subsequent five years were pivotal, characterized by substantial growth and significant enhancement of the company’s brand value. However, in the most recent five years, Foster has encountered a period of slower growth due to evolving market demands.
"During this challenging five-year period, we have remained committed to implementing effective strategies to maintain production stability. While staff reductions have been necessary to align with new operational and production requirements, Foster has adhered to its commitment of supporting employees wholeheartedly. We have introduced policies to provide maximum support to our workforce and have proactively engaged with businesses that have significant recruitment needs to facilitate the transition of our laid-off employees into new roles," he added.
Currently, its factories still have spare production capacity. In addition to making speakers and earphones for phones, in the coming time, Foster will receive more projects in the automobile manufacturing support industry. The new production is expected to start in 2025 and the company will need to recruit more then.
Foster Electric (Bac Ninh) Co., Ltd
“The investment environment and attraction policies in Da Nang align well with Foster’s expectations, particularly due to the proactive support from the government. However, we expect Da Nang to continue developing policies that attract new businesses, especially those that can contribute to creating a cohesive and efficient supply chain. Additionally, increased focus on infrastructure development and the availability of land will be important to attract larger firms.
Local authorities should highlight that Da Nang is not only committed to 'green' tourism but also dedicated to advancing other industries. By accurately identifying opportunities and challenges, Da Nang can enhance its image as an ideal destination for foreign investors, especially in the electronics/electrics sector,” Quan emphasized.
By Binh Minh (Vietnam Business Forum)
Vietnamese
October 2024
Hanoi