FOR IMMEDIATE RELEASE
Panasonic Eco Solutions Vietnam Starts Construction of The New Wiring Devices and Circuit Breakers Factory
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.
Binh Duong, 15th April 2013 – Today, Panasonic Eco Solutions Vietnam Co., Ltd. (PESVN) witnessed the groundbreaking 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 VDN (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 8,900 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 VDN
About Panasonic Vietnam Co., Ltd.
Panasonic Vietnam (PV) is the first 100% foreign invested company to assume the role of the country headquarters in Vietnam. As of February 2013, Panasonic Vietnam Group comprises of seven companies, five of which are manufacturing companies – Panasonic Industrial Devices Vietnam (PIDVN), Panasonic System Networks Vietnam (PSNV), Panasonic Appliances Vietnam (PAPVN) and Panasonic AVC Vietnam (PAVCV) and the newly established Panasonic Eco Solutions Vietnam (PESVN); in addition to the Panasonic Research and Development Center Vietnam (PRDCV). The Group currently employs a total workforce of about 7,200 people. In Vietnam, Panasonic places great emphasis on business growth together with contribution to local society in terms of education and environment.
For more information on Panasonic Vietnam and the Panasonic brand, please visit the company’s websites at http://panasonic.com.vn/en and http://panasonic.com.vn/en/aboutpanasonic/corporatecitizenship
About Panasonic Eco Solutions Vietnam Co., Ltd.
Panasonic Eco Solutions Vietnam (PESVN), a wholly owned subsidiary of Panasonic Vietnam (PV), was established in January 2013. The company’s business operations include the production and local distribution of wiring devices and circuit breakers. The circuit breakers will also be marketed in Thailand and Japan. Production at the new factory in Binh Duong province is planned for April 2014. The company aims to expand business in Vietnam through the supply of electrical products tailored to suit the needs of the local market.
For media queries, please contact:
Nguyen Thi Quyen (Ms)
Corporate Planning and Brand Promotion Group
Panasonic Vietnam Co., Ltd.
Tel: (84) 4 3 9 550 111