Victory Giant Technology’s Vietnam revenue reached about USD 473 million in 2025, equal to 16.8% of total group revenue. The growth reflects Vietnam’s rising role in PCB manufacturing, supported by a USD 520 million factory project and demand from AI, data center and high-performance computing applications.
Victory Giant Technology’s revenue in Vietnam reached RMB 3.23 billion, or about USD 473 million, in 2025, marking a sharp increase for the Chinese printed circuit board manufacturer. The result shows Vietnam’s growing role in the company’s global production and supply chain strategy, particularly for high-precision PCB products used in artificial intelligence, data centers and advanced industrial applications.
Vietnam contributed around 16.8% of Victory Giant Technology’s total revenue in 2025. The company’s revenue from Vietnam tripled from RMB 1.08 billion in 2024 and rose nearly sixfold compared with RMB 559 million in 2023.
According to filings submitted by Victory Giant Technology to the Hong Kong Stock Exchange, citing Frost & Sullivan, the company ranked first globally by revenue in printed circuit boards for artificial intelligence and high-performance computing in the first half of 2025, with a 13.8% market share.
Victory Giant Technology said expanding its presence in Vietnam is part of its plan to strengthen its global distribution network and improve supply chain resilience.
The company noted that PCB products originating from Vietnam typically face tariffs of around 10% when entering the United States. This is significantly lower than the rate that may reach 35% for similar goods from China. However, the company also warned that U.S. tariff policy remains subject to unpredictable changes.
The Victory Giant Technology Vietnam factory project is developed by Victory Giant Technology, based in Guangdong, China. The project focuses on research, development, production and business activities for high-precision multilayer PCBs, HDI boards, FPC boards and rigid-flex boards.
These products are widely used in artificial intelligence, large data centers, industrial Internet, green-energy vehicles, next-generation communications, aerospace and medical equipment.
The project has total investment capital of USD 520 million and is planned in two phases. Phase one runs from 2024 to 2026 with investment of USD 260 million. Phase two runs from 2027 to 2030 with another USD 260 million.
Once completed, the company initially expected the factory to reach total output of 4 million square meters of products and estimated production value of about USD 900 million. The project is expected to contribute to Vietnam’s high-precision printed circuit board manufacturing capacity.
Victory Giant Technology also launched its initial public offering in Hong Kong, aiming to raise up to HKD 17.5 billion, or about USD 2.2 billion. The company is expected to offer 83.35 million shares in Hong Kong at a maximum price of HKD 209.88 per share.
The offering is scheduled to close on Thursday, while the company’s shares are expected to begin trading on the Hong Kong Stock Exchange from April 21.
Victory Giant Technology’s Vietnam results highlight how PCB manufacturing is becoming a larger part of Vietnam’s industrial production landscape, especially as global electronics manufacturers continue to strengthen diversified production networks.
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