Construction work starts on a Schneider Electric factory in HCM City. (Source: baodautu.vn)

HCM City (VNA) - Schneider Electric has kicked off the first phase of construction for its new factory in Saigon High-Tech Park in Ho Chi Minh City.

The company, a global specialist in energy management and automation, declined to announce the cost of the project, saying only that it was a major manufacturing investment as the company's business expands.

The first phase of the 10,000sq.m plant is slated for completion later this year, making it one of the main manufacturing sites of the entire Asia-Pacific region. It will manufacture Schneider Electric's high-tech products for smart homes and other traditional wiring devices.

Over the past three years, its subsidiary, Schneider Electric Vietnam Co, has shown impressive performance, with a consistent growth rate of more than 25 percent per year. Last week, the company received a labour order, third class, from the State.

Xavier Denoly, Country President of Schneider Electric Vietnam, Cambodia and Myanmar, said this acknowledgement had motivated all members of the company in Vietnam to strive harder to achieve its long-term vision in the country and to contribute more to the community in response to the trust and support offered by the Government and Vietnamese people.-VNA