Mobile phone manufacturing lines at the Samsung Electronics Vietnam Company in Thai Nguyen province. (Photo: VNA)

Tesa, one of Germany’s most influential brand names in hi-tech tape for the electronics and automotive industries, announced that it will invest 60 million USD in a tape adhesive plant in Vietnam, according to an article in the German business newspaper Handelsblatt. The new 70,000-square-meter facility will begin production in 2023.

The International Monetary Fund has predicted that Vietnam might see a growth rate of nearly 3% this year, according to the article, and the new free trade agreement with the EU makes Vietnam even more attractive to foreign investors.

Vietnam has opened free trade with the EU, signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), and is discussing a free trade agreement with the US.  

The German newspaper said that Vietnam's openness to globalization has attracted multiple large corporations.