Local investment climate is still strong and attractive

Binh Duong is proactively and flexibly adapting to the pandemic, including investment promotion. Over the past 1 month, the province continuously connected investment promotion with partners. Noticeably, LEGO Group signed a memorandum of understanding with the Vietnam - Singapore Industrial Park Joint Venture Co.Ltd. to build a factory of more than 1 US$ billion in Binh Duong. This project will continue improving the quality of investment, selecting technologies in accordance with the local development orientations.

Welcoming opportunities in the "new normal" state

According to a representative of LEGO Group, the factory is expected to start construction in the second half of 2022 and put into operation in 2024. The factory covers 44 hectares in Binh Duong, with a total investment of more than US$ 1 billion. This is a FDI project with the largest capital from Denmark in Vietnam. It is known that this is LEGO's 6th factory in the world and the 2nd one in Asia with the expectation of helping LEGO expand its global supply chain, thereby flexibly and quickly meeting changes in demand in each region, shortening supply chains and reducing impacts on the environment for long-distance transportation. From there, the group can further bring recreational experience to many children in the coming years.

Leaders of the Government and Binh Duong witness the signing ceremony of a Memorandum of Understanding between LEGO Group and Vietnam - Singapore Industrial Park Joint Venture Co.Ltd. to build a factory of more than US$ 1 billion

Talking about the LEGO Group's investment in Binh Duong, at the recent investment promotion session with the European market, Alain Cany, President of the European Chamber of Commerce in Vietnam (EuroCham) said that this is a proof that Binh Duong continues becoming a dynamic, innovative, convenient and safe locality, a new and attractive destination for European investors.

According to Le Phu Hoa, Director of provincial Department of Foreign Affairs, before the MoU was signed, LEGO Group and Binh Duong regularly met, exchanged and worked with each other. LEGO is one of the world’s largest toy manufacturers. Therefore, Binh Duong is very happy when LEGO decided to invest in the province. Especially, this is a carbon-neutral factory under the orientation that Vietnam has committed at COP26. The factory is also a green, clean project with high technology under the local development orientation.

"Green" capital flow under expectation

The factory will be LEGO's first carbon-neutral factory using on-site energy from solar cells. VSIP will build a solar project on behalf of LEGO. From there, this solar network will produce enough renewable energy to meet 100% of the factory's annual requirements. The factory will be built with the goal of meeting LEED Gold's minimum standards, including all sustainable fields from energy, water, and waste. LEGO will work with VSIP to plant 50,000 green trees to compensate for the vegetation removed during the construction of the factory.

Carsten Rasmussen, Director of LEGO Group said: “Every LEGO factory is designed to create the safest products with the highest quality as well as bringing the  world-class working environment. We always try to fulfill our promise, bringing the best things. This project will help us bring the LEGO play experience closer to the generations of children in the future. In addition to its commitment to meeting high quality and safe standards at the factory, the local skilled workers will be trained by LEGO Group to operate high-tech manufacturing equipment used in every LEGO factory around the world”.

Mai Hung Dung, member of provincial Party Standing Committee, Permanent Vice-Chairman of provincial People's Committee said that LEGO is one of the world’s largest toy manufacturing groups. Binh Duong is very happy when LEGO decided to invest in the province. Especially, this is a "green" project under the local development orientations. “Over the past time, thanks to catching up with the trend of development and integration, together with its own way, Binh Duong has become a convergence of many leading corporations in the world, bringing the locality to participate in the global value chain. In order to meet requirements for development as well as the trend of attracting "green" investment, Binh Duong has continued selectively attracting hi-tech and environmentally friendly projects. To achieve this goal, Binh Duong is focusing on strongly improving the local investment climate and competitiveness in order to adapt to the new production and 4^th industrial revolution ", added Mr. Dung.

The LEGO Group was founded in Billund, Denmark in 1932. The LEGO game system, which is based on LEGO bricks, allows children and fans to design and build anything they have can imagine. LEGO's goal when building a new factory in Binh Duong is to bring 4,000 job opportunities to laborers in the next 15 years. Its recruitment will start in the second half of 2023. Besides, LEGO will indirectly support the local enterprises and community.

Nguyen Phu Thinh, General Director of the Vietnam - Singapore Industrial Park Joint Venture Co.Ltd.: We are delighted to partner with LEGO Group in this important investment project and are honored that LEGO has chosen Vietnam - Singapore Industrial Park III in Binh Duong. We are committed to providing international enterprises with a favorable investment climate and sustainable solutions to create long-term development opportunities.

Reported by Ngoc Thanh-Translated by Kim Tin