Last updated: 15:8 - April 6, 2007
Panasonic Vietnam expands operation http://www.nhandan.com.vn/english/business/060407/business_pa.htm
Panasonic Vietnam put into operation a hi-tech electronic and electrical product plant in Hanoi's Thang Long industrial zone on April 5. The same day, Panasonic Vietnam officially inaugurated the Panasonic Research and Development Centre Vietnam.
The new plant specialises in manufacturing switchboards, speakers and other products for export through Panasonic Vietnam's two newly-established subsidiaries, which are Panasonic Communication Vietnam Ltd. Co. and Panasonic Electronic Devices Vietnam Ltd. Co. The plant is expected to earn revenues of US $960 million and employ almost 10,000 workers by 2010. With the newly-established companies, Panasonic Vietnam has raised its investment capital in the country to over US $78 million.
"We consider Vietnam a key country in Panasonic's global business activities and the decision to expand investment shows our commitment to developing the group's operation in Vietnam," said Panasonic Vietnam General Director Shinya Abe.
Speaking at the plant's inauguration ceremony, Deputy Industry Minister Do Huu Hao said that Panasonic is the first foreign-invested enterprise set up in the form of parent- subsidiary company in Vietnam.
Besides the three new companies, Panasonic also operates a join venture with Japan's Sumitomo Group and an other with Vietnam's Viettronic Thu Duc Company. (VNA)
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