Rang Dong furthers digital transformation with high-tech products plant project
Rang Dong Light Source and Vacuum Flask Company (Rang Dong) has secured an approval to go ahead and invest 2.33 trillion dong ($101.7 million) in building a plant for producing high-tech products used in lighting systems.
A directive approving the investment project was issued by the Hoa Lac High-Tech Zone's Management Board on April 28, 2021, the day Rang Dong marked the 57th anniversary of President Ho Chi Minh's visit to the Hanoi-based company in 1964.
The project envisages Rang Dong to build a plant in Hoa Lac High-Tech Zone outside Hanoi to manufacture LED products, software and solutions used in indoor, outdoor lighting systems as well as those for high-tech agriculture, based on the April 28 directive.
Rang Dong would contribute 540 billion dong from its equity and raise 1.79 trillion dong from various sources to invest in the plant, with preparations for construction to start already from the second quarter of 2021 in order for the building to begin in the third quarter of 2022 and completion slated in the second quarter of 2024.
Following the test-run, the plant would be operational from the first quarter of 2025.
The Hoa Lac plant project is a step furthering the digital transformation undertaken by Rang Dong, Vietnam's leading manufacturer of LED products and provider of lighting solutions and which celebrated its 60th anniversary this year.
Experts comment on Rang Dong’s development as part of the company’s Digital forum held on April 28, 2021.
Knowledge, science, technology and especially digital technology are the main driving forces of Rang Dong's breakthrough, General Director Nguyen Doan Thang said at a Digital Transformation forum held on April 28.
Mr. Nguyen Doan Thang - Party Committee Secretary, Rang Dong's General Director, speaks at the Digital Transformation forum.
Despite having faced extreme difficulties during its 60-year development, Rang Dong has identified people and transformation processes were key to the success of digital transformation, Mr. Nguyen Doan Thang said.
In 2020, the company initiated the digital transformation campaign for the 2020-2025 period, with vision to 2030, under which it has targeted to transform itself into a high-tech company, providing the market with high-quality LED lighting products that meet G7 and G20 standards.
In the first quarter of 2021, Rang Dong's after-tax profit jumped 45.9 percent from a year ago to 109.99 billion dong. In 2020, the company's after-tax profit nearly tripled to 336.08 billion dong, from 125.17 billion dong the previous year, based on the company's audited annual report.
($1 = 22,910 dong)
