- Increasingly Improved Growth Rate, Significant Impact on Local Partnerships;
- Energy continues to build dynamically , bringing ecomagination concept to life;
- Investment on Hai Phong Plant to increase in 2012 and 2013;
- A new start for 2012, affirming our long-term commitment to Vietnam as the preferred partner of choice for growth and development.
HANOI, VIETNAM -- February 28, 2012 -- GE today announced a strong performance for the year 2011 in Vietnam, delivering a 127% increase in revenue from the previous year and promising another dramatic record of triple-digit growth for 2012. Trade balance was maintained and local content in production surged. With more than 600 employees nationwide, GE continues to drive and expand its local presence regardless of the global and national economic slowdown.
GE Energy played a big part in numerous success stories during the challenging year in contributing to the Vietnam's energy development. The US$61 million-worth wind-turbine manufacturing plant has established a strong footprint in Hai Phong after a full year of operation and has become one of the top revenue exporters of the city. The plant represents one of the most successful investments of GE in the region. The fully operational GE plant in Hai Phong has since created up to 500 local jobs from the starting point of 300 employees in 2010.
"I'm very pleased that we have just received the investment certificate to increase the capital of the Hai Phong Plant," said Ms Nguyen My Lan, CEO of GE Vietnam "We are doing well and are going to continue to grow our numbers in the production of wind turbine generators, as well as looking at additional products to build in the plant. More local contents will be coming from GE's plant and it demonstrates our effort in business localization and better creating career opportunities for local workforces. This is how GE works, to create positive impact to our people, customer, partner and community."
The Investment Certificate issued in this February will allow GE Vietnam to increase the investment on Hai Phong Plant in 2012 and 2013.
In contributing to realize Vietnam's renewable energy potential, the Energy team has recently supported Cong Ly Company Ltd., a local wind developer, to build the first wind farm of the Mekong Delta in Bac Lieu province, bringing clean power generation to this region. The team also joint hands with Vietnam's key national power sector for power transmission improvement. Greater emphasis will be placed on upgrading the country's power infrastructure through advanced technologies, such as Smart Grid technology, so as to lower electricity cost and benefit citizens with a more reliable and stable power transmission grid.
While the energy business has been warming up, GE in Vietnam has been encouraged by the growth in healthcare and transportation with significant deals and partnership expansion with local partners. These are the results of on-going efforts and huge contributions from GE's entire staff, leaders and long-term local partners under the successful strategy of company-to-country approach.
"With the long-term company-to-country approach, we stay committed to Vietnam as a preferred partner of choice for growth and development. Vietnam is considered a key market of high potentials in ASEAN region and offers numerous opportunities for GE to further promote our strengths as the only company that can provide a total package solution to the development of national infrastructure," said Nguyen My Lan. "We'll continue to localize business in Vietnam, building on local capabilities and developing local resources. By growing our exports from Haiphong, we have essentially created balanced trade between Vietnam and US." she proudly added.
As one of the first American companies established in Vietnam, GE is now offering a wide range of products in the fields of healthcare, energy, transportation, etc. Apart from great business achievements in Vietnam, GE is also proud of its long history of volunteerism and corporate citizenship with a series of nation-wide programs such as GE Foundation scholarships and GE Movie Night for disadvantaged children, etc.
Globally, GE reported full-year Operating Earnings of $14.8 billion, up 20% from $12.3 billion in 2010, and Operating EPS excluding effects of the preferred redemption was $1.37, up 22%. Including effects of the preferred redemption, Operating EPS was $1.29, up 15% from last year. In the fourth quarter, industrial emerging market orders were up 25%, driven by the double-digit growth in ASEAN markets, in which Vietnam is the country of highest-growth.
About GE
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. They are finding solutions in energy, health and home, transportation and finance, as well as building, powering, moving and revitalizing the world. Not just imagining - doing. GE works.GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
About GE in Vietnam
GE was one of the first American companies established in Vietnam during 1993 even before the US Embargo was lifted. GE first set up a representative office in Hanoi in 1993, and subsequently in HCM City in 2001, working in partnership with local organizations. In 2003, GE established GE Vietnam Ltd, a 100% GE capital investment that offers a wide range of after-sales services in the fields of medical, electrical and energy equipment.
For more information, contact:
Trinh Phuong Lan
GE Vietnam
+84973183750
[email protected]
Do Lien Yen Ly
T&A Ogilvy
+84906262239
[email protected]
Trinh Phuong Lan
[email protected]
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