Nokia Corporation (ADR) (NYSE:NOK), a leading cell phone manufacturer held a groundbreaking ceremony to kick start the development of the firm’s first manufacturing facility in Vietnam. The plant will be located in Bac Ninh province’s Vietnam-Singapore Industrial Park (VSIP), and it will stand on around 42 acres of land.
The cell phone giant plans to start operations in early 2013 and initially, the plant will be expected to provide employment to around 10,000 people. In addition, the plant while in full operation- predicted to be the end of 2014- is expected to produce 45 million cell phones.
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Nokia Corporation (ADR) (NYSE:NOK), management said in a statement that the plant will be able to provide new cell phones that will be able to compete in local markets, and they will also be used to spear head campaigns in growth markets. Therefore, the design used in the handsets created at the plant will be geared towards meeting this need.
This step comes hot under Nokia’s affirmation that it will be looking to connect the next billion people to the internet as well as information. In addition, the plant being manufactured in Bac Ninh is also a sign that Nokia is committed to segmenting its position in Vietnam and other Asiatic countries as well.
Nokia, a leading cell phone manufacturer is usually strong in economies that show high growth rates; and since mobile phones are crucial in communication, the mobile giant is looking to ensure that it has enough handsets to meet the demands that may be placed upon it, by economies around the world. Vietnam, is a fast developing economy, and Nokia, looking to expand its reach, and scope is assured that a good number of is handsets will be utilized in the country.
Additionally, the cell phone giant has come up with an ambitious portfolio of handsets that are new, modern, and incorporate different aspects that will ensure great experiences in messaging, social life, entertainment and various services that add value to a consumer’s outlook
At the moment Nokia has two main offices in Vietnam; one is located is Hanoi, while the other is located in Ho Chi Minh City. These two offices are used to carry out branding, marketing, and promotional activities for Nokia, and their effects are clear, since Nokia is one of the most easily recognized companies in the country. In fact, Nokia since its inception in Vietnam has been recognized by most Vietnamese as part of the community. So, with the creation of this plant, Nokia will simply be cementing its position in the country.
Nevertheless, apart from expanding its reach, and connecting the next billon people, Nokia, by creating the new plant in Vietnam is also keen in ensuring that it is viewed as a responsible corporate entity that strives to uplift the livelihoods of people around the globe, and in any location that they have a presence. Therefore, it promises its potential employees that they should expect to work in a modern environment, where professional and ethical standards will be held in high esteem.