The new manufacturing facility, set to enhance product development of electrical equipment both in Vietnam and in South-East Asia,will commence production in April 2014
Overview of Panasonic Eco Solutions Vietnam Factory in Binh Duong province
Binh Duong, 15th April 2013 – Today, Panasonic Eco Solutions Vietnam Co., Ltd. (PESVN) witnessed the ground breaking ceremony of its new wiring devices and circuit breakers factory, scheduled to begin production in April 2014.
PESVN, fully owned by Panasonic Vietnam Co., Ltd. (PV), was established in January 2013 as part of Panasonic’s commitment to establish long-term presence in the country. The new manufacturing facility will enhance product development of electrical equipment both locally and in South-East Asia.
This new factory in Binh Duong province will manufacture wiring devices and circuit breakers tailored to suit the needs of the local market. The factory aims to reach production capacity of 27 million units of wiring devices and 12 million units of circuit breakers in the first year of production. Production capacity is expected to double by 2018.
Based on the technology and expertise from Japan, PESVN will develop and commercialise localized cost-efficient products which are suitable for emerging markets such as Vietnam. Whilst both electrical components will be produced for the Vietnam market, the circuit breakers will also be marketed to Thailand and Japan. The factory will provide employment opportunities to 480 people by 2014.
“Vietnam is an emerging market with tremendous growth potential. The country is developing rapidly and electrical infrastructure is improving. Panasonic Eco Solutions Vietnam hopes to enhance product development of electrical equipment so as to meet the needs of this growing economy. In addition, we hope to contribute to local employment here in the Binh Duong province,” commented Takashi Ogasawara, President, Panasonic Eco Solutions Vietnam.
The new wiring devices and circuit breakers factory is the first foreign invested manufacturing site in this local market. It also serves as a springboard for Panasonic’s future business expansion in Vietnam.
Outline of the New Company
Company Name: Panasonic Eco Solutions Vietnam Co., Ltd.
Location: Industrial Park VSIP II-Annex, Binh Duong Province, Vietnam
Establishment date: January 2013
Production start date: April 2014
Capital: 396 billion VND (Approximately 1.42 billion JPY) (*1)
Capital Subscription: Panasonic Vietnam Co,. Ltd. 100%.
Outline of business: Production of wiring devices and (circuit equipment) circuit breakers
Building area: Approximately 9,200 square meters (including canteen and attached building)
Number of employees: 480 by 2014
Annual production capacity: 27 million units of wiring devices and 12 million units of circuit breakers (to be doubled by 2018)
(*1) 1JPY = 278 VND