In the midst of a trend by other companies to relocate from Vietnam to other countries, Panasonic has decided to make significant investments here.
 |
| Panasonic is the world\'s biggest maker of plasma TVs. Photo: guardian.co.uk |
Shinichi Wakita, General Director of Panasonic Vietnam Limited Company, said the firm has decided to move the production of its side-by-side refrigerators from Thailand to Vietnam, building a new production plant in Thang Long Industrial Park in Hanoi.
They expect that the move would double their production capacity by 2015 to 800,000 products per year.
According to Shinichi Wakita, the plant would focus on producing high-quality products for both the domestic market and exports.
A market survey, conducted by the company, indicated that demand for such products in Vietnam is on the increase because of rising living standards here, while demand for them in the Thai market, for example, is cooling off.
“With rising demand, a stable political system and an abundant work force, Vietnam is among Panasonic’s key target markets in the region. We intend to make long-term investment plans in the country,” he said.
Panasonic has been increasing their investments in Vietnam for some time now. Currently they have six subsidiaries in the country, which employ 8,200 people.
The company plans to put in use a washing machine factory in Thang Long 2 industrial park in the northern province of Hung Yen in 2012. With an expected capacity of 700,000 products per year by 2015, the facility would be the biggest of its kind in Asia.
In addition to the production plants, they also plan to build a research and development centre in Hung Yen in order to create products that are in line with local demand. The plant and R&D centre could create more than 1,000 jobs.
In the first quarter of 2011, they have begun construction on a plant that would manufacture smart phone components, which are also in increasing demand here.
“Panasonic\'s expansion in Vietnam proves the company’s long-term commitment to invest in the country, with the goal of becoming a leading brand for electronics and home appliances," Shinichi Wakita said.
