TCL chose to celebrate its 25th year in Vietnam with a major event and lot of optimistic messaging about future investment and development of a local presence.
TCL has been actively expanding its operations in Vietnam, establishing a significant presence in the region over the past several years. Initially entering the Vietnamese market in 1999, TCL has grown to become one of the leading technology brands in the country, second only to Samsung and LG in the local TV market. With a production base in Binh Duong Province established in 2019, TCL has invested $45 million into the facility, which spans 72,900 square meters and employs over 2,000 workers. This factory plays a crucial role in TCL’s global supply chain.
In 2024, TCL’s Binh Duong factory is expected to produce over 6 million televisions, with plans to increase output to exceed 7 million units next year. This reflects a significant increase in production from the last two years, where the factory produced 3.79 million units and 5.27 million units, respectively. Most of the televisions manufactured at this facility are destined for the US market, with a smaller portion supplied to the Vietnamese market.
TCL’s investment strategy in Vietnam is part of a broader effort to enhance its global footprint and avoid increased tariffs on China-made goods in the United States. With tariffs on China-made TV sets exported to the US as high as 11.4%, compared to a 3.9% tariff on goods made in Vietnam, TCL’s shift in production helps mitigate these costs.
TCL’s international sales have shown impressive growth, with a 10.4% year-on-year increase in TV shipments during the first half of the year. The European market saw 40.1% rise in shipments, while sales in Latin America and the Middle East and Africa increased by 11.6% and 25.4%, respectively. The US market remained stable overall, but sales of 75-inch and above models surged by 46.9% year-on-year.
In addition to televisions, TCL has diversified its product offerings in Vietnam to include smart home appliances such as air conditioners, refrigerators, and washing machines.
