August 05, 2024 – Kingfa Science & Technology, a leading player in the color masterbatch industry, celebrated a significant milestone on July 28th as its wholly-owned subsidiary, Vietnam Kingfa Technology Co., Ltd., held a grand opening ceremony for its production facility in Dong Nai, Vietnam. The event was graced by the presence of Kingfa’s co-founder Li Nanjing, Chief Scientist and Academician Li Jianjun, Deputy General Manager Li Peng, Chairman of Vietnam Kingfa Bai Jingen, and General Manager of Malaysia Kingfa Chen Guoxiong, among other top executives, who collectively witnessed this pivotal moment.
This marks another solid step in Kingfa’s internationalization journey. According to Kingfa’s 2023 annual report, the company’s overseas design capacity for modified plastics has reached 310,000 tons per year, with investments in ongoing projects amounting to 60 million yuan. Notably, the Vietnam Kingfa project, with a planned capacity of 60,000 tons of modified plastics annually, was originally scheduled for completion by December this year but has now achieved production ahead of schedule.
The Vietnam base is projected to have a total planned capacity of 600,000 tons per year, highlighting Kingfa’s profound interest and confidence in the Southeast Asian market. Vietnam Kingfa has already established extensive collaborations with renowned companies such as Samsung, Schneider, Panasonic, and Midea, spanning critical sectors including transportation and electronic electricals.
During the ceremony, Li Peng, Deputy General Manager of Kingfa, delivered a significant speech. He emphasized that the Vietnam base’s commencement of production is a crucial step in advancing Kingfa’s internationalization process and a vital path towards achieving the group’s “1438” strategic goals. The introduction of this strategic objective underscores Kingfa’s heightened focus on international layout and strategic planning in its future development.
According to insights from AsiaMB, Chairman of Vietnam Kingfa Bai Jingen also addressed the ceremony, stating that the company is committed to building a localized “1+N” market service network, positioning Vietnam Kingfa as a highly influential new material enterprise in Southeast Asia. This aspiration not only demonstrates Vietnam Kingfa’s ambition in the Southeast Asian market but also reflects Kingfa’s resolute determination towards international development.
Kingfa’s international journey began in 2013 when it acquired Indian company HYDRO, marking its first step towards “going global.” Subsequently, Kingfa strategically deployed overseas bases in the United States, Europe, Malaysia, and other locations, continuously advancing localized capacity building and actively fostering international competitiveness. Today, Kingfa’s international development has yielded remarkable performance, with overseas business revenue consistently expanding, becoming one of the company’s key growth drivers.
To achieve its “1438” strategic goals, Kingfa is simultaneously advancing digital transformation alongside its internationalization efforts. Through digitalization, Kingfa aims to further propel its international development, accelerating its globalization process. Looking ahead, Kingfa will continue to uphold its innovative spirit, driving technological innovation and industrial upgrading to provide superior products and services to global clients.