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Asia300

Top Glove to spend 100 million ringgit on Vietnam plant

Analysts cheer move to expand capacity, cushion China cost escalation impact

Top Glove is building new factories and acquiring other companies in an ambitious bid to capture 30% of global market share.   © Reuters

KUALA LUMPUR (Nikkei Markets) -- Top Glove, the world's largest rubber gloves maker, plans to spend 100 million ringgit ($25.5 million) to build a plant in Vietnam as China operations cost escalates amid robust global demand, its chairman said Friday.

"Production cost in China is not cheap anymore," Lim Wee Chai said at a news conference. "The cost of gas is 30% higher than Malaysia."

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