Finnish Elevator Giant Ups the Stakes in Vietnam

KONE’s investment in Thien Nam, which is one of Vietnam’s largest elevator companies, strengthens the cooperation between the two companies – a cooperation which began as a distributorship for Vietnam and Cambodia last year.
     The investment comes at a lucrative time for Finnish-owned KONE, as the Vietnamese market currently is undergoing rapid growth – especially in the two major cities Hanoi and Ho Chi Minh City. A lot of domestic construction for residential developments as well as for improved infrastructure is taking place these days. In addition, Vietnam’s economic growth is also attracting foreign companies whose increased investing in the country is further fueling the construction demand – which is good news for the elevator industry. The demand for elevators and escalators is expected to continue to increase in the coming years.
     Thien Nam delivers over 500 units to customers in Vietnam annually and currently maintains around 2,500 elevators and escalators, reports local newspaper Thanh Nien Daily. The new KONE partner has its head office and factory in Ho Chi Minh City and a countrywide sales and service network.
     In comparison, KONE – who employs 29,000 people around the world – delivers nearly 30,000 new elevators and escalators annually worldwide and maintains around 600,000 elevators and escalators as well as 250,000 automatic building doors. Last year, KONE’s sales amounted to 3.6 billion EURO (4.66 billion USD).

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