(Yicai Global) Nov. 5 -- Guangzhou-based audio maker Guoguang Electric plans to set up a wholly-owned unit in Da Nang, Vietnam to build and operate a manufacturing base there to dodge risks from China-US trade frictions.
It plans to invest USD10 million to set up a wholly-owned unit in Da Nang, Vietnam, it announced Nov. 2.
The money will mainly go to buy land and build factories, with later investment made based on operating needs, per the announcement.
Since the company's direct exports to the US made up 23.3 percent of its total operating revenue last year, adjustment of manufacturing business in the world will help its steady development against the backdrop of uncertainties wrought by current China-US trade frictions, the announcement stated.
Some of the company's customers are gradually transferring their business units to Southeast Asia. Construction of manufacturing bases in Vietnam will help Guoguang Electric to shorten its response time to customer needs in Southeast Asia, the announcement added.
Editor: Ben Armour