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Jabil Circuit Inc. has signed a memorandum of understanding (MOU) with the management board of Saigon Hi-Tech Park in Vietnam, which will allow the company to expand its current operation in the hi-tech park.
Vietnamese governmental officials joined the Saigon Hi-Tech Park management board and Senior Jabil management at Jabil's new Blue Sky Center in San Jose, California, for the signing. The memorandum will allow for additional investments to expand Jabil's existing operations in Vietnam.
The new facility, slated for groundbreaking in 2017, will focus on high-volume production of computing, storage, networking, telecommunications, automotive, digital home, mobility, point of sale, printing, industrial and energy sectors.
"The Vietnamese government's support of our expansion was critical and marks an important new milestone for Jabil in Vietnam and greater Asia," said Alessandro Parimbelli, executive vice president and chief executive officer, Enterprise and Infrastructure, Jabil. "As we continue to expand our services for customers in the region, we are also helping to support the growth and economic strength of Ho Chi Minh City and Vietnam."
Parimbelli said Jabil is planning to develop local talent for future leadership positions by providing training and development opportunities. He indicated that Jabil's goal was to increase the percentage of local skilled professionals by creating more than 3,000 new jobs in the local area over the next five years.
By expanding in Vietnam, Jabil gains important benefits including access to a large pool of industrious workers, mid-level engineers and managers. Vietnam also offers favorable labor costs in a robust economy that has grown at a rate of 6 percent for the last four quarters. A significant source of that growth is the high-tech manufacturing sector.
Saigon Hi-Tech Park is a state-owned industrial park providing tax incentives, reasonable land lease costs and a strategic location to attract technology companies. Jabil began operations in Vietnam in April 2007 and has grown about 50 percent year-over-year for the last five years.
Currently, Jabil Vietnam occupies 300,000 square feet of building space and employs 2,600 employees. The new facility will occupy up to one million square feet of land.
Jabil is a global product solutions company providing comprehensive services to electronics and technology companies in a broad range of industries. Jabil helps customers turn ideas into products with its wide breadth of design, manufacturing and product management capabilities; allowing customers to think beyond their conventional marketplace and explore new opportunities. Jabil brings customer products to the market faster and more cost effectively by providing intelligent digital supply chain solutions around the world; empowering companies to be the change agents in their industries.
Headquartered in St. Petersburg, Florida, Jabil has 90 facilities in 24 countries and 180,000 employees worldwide. The company's common stock is traded on the New York Stock Exchange under the symbol "JBL". For more information, click here.