Industry News

Yongyi Furniture To Invest Usd9.5 Million In Vietnam Facility

CHINA: Yongyi Furniture, based in east China’s Zhejiang province, plans to invest USD9.5 million to build a manufacturing and processing facility in Vietnam as it seeks to expand its Southeast Asian market amid China-US trade friction.

The company plans to set a new firm in Hong Kong with a registered capital of HKD10,000 (USD1,278) , Yongyi announced yesterday.

It did not give any details about the construction site, product type, production scale, and planned completion time for the Vietnamese project.

Several Chinese companies have recently announced plans to invest in Vietnam and build new product lines in the face of continuous China-US trade friction and rising domestic labor costs.

(Yicai Global)

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