Panasonic investments in Vietnam to touch US$220 million

Panasonic Vietnam said at a press conference on September 8 that the company will invest US$220 million in a manufacturing and Research and Development Center in Vietnam as part of a long-term business plan.

The Panasonic Vietnam Group comprises of 6 companies, including one holding company, four manufacturing companies and one high-tech Research and Development Center with a total workforce of over 8,200 employees.

Panasonic has also taken several strategic steps into the Vietnamese market as part of a global policy to expand into a potentially rich market. Foremost of all Panasonic plans is to build a new plant for its electronic components in the Thang Long Industrial Park in Hanoi to introduce new manufacturing items like multi-layer resin boards, to meet the rapidly growing global demand for smart phones. The plant will be ready for production in August 2012.

Panasonic has also decided to expand its refrigerator factory in Thang Long Industrial Park in Hanoi, which was built in 2003. The upgraded factory is expected to be twice its present size and will be ready by 2015.

It is expected to turn out 800,000 products per year with emphasis on creating local components and assembling high quality Panasonic refrigerators to meet local as well as export demands.

Next year, Panasonic plans to open a washing machine factory in Thang Long Industrial Park 2 in Hung Yen province. The production target from this factory is expected to produce 700,000 machines per year by 2015.

A Home Appliances Research and Development center is also being planned in the same place, for developing products most suitable for Vietnamese customers. Both the factory and the Research center are expected to provide over 1,000 jobs to local residents.

This new phase of expansion by the Panasonic Group re-affirms its long-term commitment to Vietnam, aiming also at becoming a leading brand name in electronics and home appliances in Vietnam with an annual two-digit growth rate in future.
 
Mr. Shinichi Wakita, General Director of Panasonic Vietnam said: “By delivering various high quality products, job opportunities as well as meaningful social activities aimed towards communities, Panasonic will be able to maintain a high turnover and reinforce its presence in Vietnam while continually adding more value to the daily lives of the Vietnamese people. This is how Panasonic will achieve its sustainability goal.”

By Tran Binh- Translated by Uyen Phuong

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