Bessent, He Lifeng to Discuss AI Security and Trade in New York 
US, Japan and South Korea Back Taiwan Ahead of Trump-Xi Summit 
S&P 500 Historically Rallies After Midterm Elections, UBS Says 
Wall Street Mixed as Treasury Yields Rise After Fed Hike 
Volkswagen Shares Slide After 2026 Profit Outlook Cut 
Telix to Acquire Germany’s ITM in $1.65 Billion Radiopharma Deal 
Trump Plans Federal AI Force and AI Czar 
Strait of Hormuz Oil Shipments Hit Six-Month High as U.S. Clears Mines 
LVMH-Hermès Dispute Deepens Over Secret 2002 Share Deal 
US-China Talks Target AI, Tariffs Ahead of Trump-Xi Summit 
Japan, U.S. Discuss $19 Billion GlobalFoundries Chip Plant 
SoftBank Launches $11 Billion Bond Sale to Fund OpenAI Investment 
Wall Street Surges as Meta Leads AI Rally, Oil Prices Fall 
Oil Prices Rise as U.S.-Iran Talks Fuel Diplomacy Hopes 
Gold Prices Rise as Oil Slump Eases Fed Rate Hike Fears 
Asia Stocks Rise on AI Demand as Oil Eases 
Nike Earnings at Risk as UBS Cuts Price Target to $42 
Add as a preferred source on Google
Lego announced on Wednesday, Dec. 8, that t will be building a new factory in Vietnam. The world's largest toy company headquartered in Billund, Denmark, said the project had been put in place to keep up with the growing demand in Asia.
Lego is investing over $1 billion or around £760 million for the construction of the facility in Vietnam. This will be the company's second factory in the Asian region as it already opened one in China five years ago.
The plant is set to be built close to Vietnam's main business center of Ho Chi Minh City. The construction is expected to begin sometime next year, and the actual production is targeted to start in 2024.
Once Lego's plant in Vietnam is in full operation, it will be creating up to 4,000 jobs for the locals in the next 15 years, as per BBC News. For the buildings, the plan is to install solar panels on the roof and on the farm close to the site to help lower the energy consumption of the factory.
It was reported that this decision to build a new plant is actually part of Lego's decade-old tactic of moving production close to key markets. This strategy has greatly helped the company to save on costs as well as make things easier.
"We are very grateful for the support of the Vietnamese government in helping us achieve our ambition to build our first carbon-neutral factory," Carsten Rasmussen, Lego's chief operations officer, said in a press release. "Their plans to invest in expanding renewable energy production infrastructure and a collaborative approach to working with foreign companies who are seeking to make high-quality investments were among the factors in our decision to build here."
He added that this investment would also help the company in bringing Lego to the future generations of children. Rasmussen said their group wants to inspire future builders, and they are doing this through example - by going for the most sustainable way possible.
Finally, Mr. Nguyen Phu Thinh, the Vietnam Singapore Industrial Park's (VSIP) general director, said they are excited to cooperate with the Lego Group on this crucial investment. Thinh further said they feel honored for being selected as the site for the toymaker's soon-to-rise factory with the exact location in Vietnam Singapore Industrial Park III in Binh Duong Province.
