A Norwegian top paints company JOTUN, planned to invest NOK 689 million or approximately USD 80 million on its new factory in Vietnam.
JOTUN’s new factory will be its third plant operating in Vietnam and it is also “the largest single investment done abroad ever for the JOTUN Group,” said General Director of JOTUN Paints (Vietnam) Jon Bigseth.
Expected to be completed in the second half of 2021, the construction of JOTUN’s new water-based and powder coatings factory will be commenced in the Hiep Phuoc Industrial Park, Ho Chi Minh City.
JOTUN’s profit record indicated solid sales and profit growth in the first four months of the year. Jotun recorded sales of NOK 6 245 million increasing 10 per cent compared to the same period last year. Operating profit also increased by more than 50 per cent rising to NOK 851 million.
“As one of the world’s leading suppliers of coatings to the shipping and offshore industries, our results have improved in line with the recovery of these markets,” President and CEO, Morten Fon said.
“We anticipate sales will continue to grow throughout 2019, supported by increased new building activity for ships and offshore units.”
The agreement on JOTUN’s new plant was presented to Vietnam’s Prime Minister Nguyen Xuan Phuc during his recent trip to Norway on 24-25 May 2019 by Jotun CEO Morten Fon.
Source: Norwegian Embassy in Hanoi’s Facebook page