COPENHAGEN — Toymaker Lego said on Wednesday it had opened a new factory in Vietnam, as it aims for long-term growth in the Asia-Pacific region and to produce closer to its consumers.
Lego has invested US$1 billion in the project, part of its decade-old strategy of placing production close to key markets which previously has helped rein in costs and shield it from external factors and supply chain disruptions.
The Danish family-owned company, which sells billions of plastic bricks annually, now has six factories worldwide located in Denmark, Hungary, Czech Republic, Mexico, China and Vietnam.
In 2024, the maker of the colourful toy bricks expanded annual sales by 13% to 74.3 billion kroner ($10.8 billion), driven by strong demand in the Americas, Europe and the Middle East, the closely held company said in its earnings report on Tuesday.
Its largest competitors, Mattel Inc and Hasbro Inc, both registered sales declines in 2024.
