LEGO Group expands manufacturing in Vietnam
It will also open a factory in the US state of Virginia.
Denmark-based LEGO Group will be opening two new factories, one of which is in Binh Duong in Vietnam which is expected to operate in 2024.
According to LEGO, the other factory will be in Richmond, Virginia in the US which is set to operate in 2025.
The Vietnam factory is the company's second in Asia with the other one in Jiaxing in China. It also has hubs in the region in China and Singapore.
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The company reported a 4% year-on-year (YoY) growth in net profit to around $1.99b (DKK13.8b) despite inflationary pressures on materials, freight and energy costs.
Its revenue also rose 17% YoY to around $9.3b (DKK64.6b) due to strong demand for its portfolio, retailer partnership online and in-store, “a robust e-commerce platform and a resilient global supply chain network.”
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