Apple preparing for initial investment project in Vietnam.
Hanoi is likely to become the database center of Asia under a $1 billion Apple project, according to “Dien Dan Doanh Nghiep”, the official publication of the Vietnam Chamber of Commerce and Industry. The tech giant is now completing related procedures.
This is the first investment project by Apple in Vietnam while its major competitors have had a presence in the country for a long time, such as Samsung Electronics, LG Electronics, and Microsoft.
Different from its competitors, however, Apple will not invest in manufacturing, instead planning to build a research center and a database to serve the entire Asian region. Besides developing new business areas, research and development (R&D) is continually a focus of Apple.
Samsung Electronics, Hewlett-Packard, Panasonic, and Nissan Techno have already established R&D centers in Vietnam. Samsung Electronics is the largest competitor of Apple in the phone market and is also finishing an R&D center in Hanoi with $300 million in investment. The new center will replace the R&D center in PVI Tower in the capital.
On October 28, 2015 Apple Vietnam was officially established with charter capital of VND15 billion ($672,000), according to the Agency for Business Registration at the Ministry of Planning and Investment.
The new company is owned by Apple Operations International (AOI), which is headquartered in Ireland and is a member of the parent company in the US. Its representative in Vietnam is Mr. Gene Daniel Levoff, Director and Vice President of Corporate Law.
According to its registration lodged with the General Department of Taxation, the headquarters of Apple Vietnam is in District 1, Ho Chi Minh City, with a staff of three. Under its license the newly-established company is allowed to export, import, and distribute goods and services in information technology and services relating to Apple.