Victory Giant Technology, a Chinese manufacturer of printed circuit board (PCB), posted a revenue of RMB3.23 billion ($473 million) in Vietnam in 2025, according to the firm’s “Global Offering” filing with the Hong Kong Stock Exchange (HKEX) on April 10.
The figure accounted for 16.8 percent of the firm’s total PCB revenue last year, while PCB made up 93.7 percent of Victory Giant Technology’s total revenue. Other revenues of the firm included sales of scrap materials, primarily copper-bearing etching solutions.
According to Victory Giant Technology, a supplier to Nvidia, the revenue from Vietnam tripled that of RMB1.08 billion in 2024 and was six-fold higher than RMB559 million in 2023.
The Vietnam expansion forms part of the Victory Giant Technology’s effort to strengthen its global delivery network and improve supply chain resilience.
Producing in Vietnam allows the company to mitigate trade risks, particularly additional U.S. tariffs. PCB products originating from Vietnam generally face tariffs of around 10 percent when exported to the United States, following “Learning Resources, Inc. v. Trump” case, the firm noted. The 10 percent tax rate is lower than the tariffs of up to 35 percent applied to similar goods from China, according to the filing.
However, the U.S. tariff policies and rates remain highly uncertain, the firm stressed.
The company established its Vietnamese subsidiary, Victory Giant Technology (Vietnam), in July 2024, with a charter capital of VND720 billion ($30 million). The subsidiary is developing a new production facility in the northern province of Bac Ninh, aiming to commence operations in 2026.
The Bac Ninh facility will focus on manufacturing multi-layer printed circuit boards (MLPCBs) and high-density interconnect (HDI) products. Once fully operational, it is expected to reach an annual production capacity of 150,000 square meters, with the flexibility to adjust output based on customer demand.