AsemconnectVietnam - Panasonic Eco Solutions Vietnam Co Ltd (PESVN) announced a decision on February 27 to construct a new wiring device and circuit breaker factory in Binh Duong with an aim to double the company’s production capacity in Vietnam.

A factory costing one billion Japanese yen will be built on a 6,000-square-meter area next to Panasonic’s existing plant in Vietnam-Singapore Industrial Park II (VSIP II) to manufacture switches, plugs and disconnectors, aiming to double its production in fiscal 2020. The factory to be completed in October this year will supply the domestic market and Southeast Asia.

Panasonic’s first wiring device and circuit breaker factory has been up and running since November 2014, providing 53 million units of wiring devices and 13 million circuit breakers per year.

The investment decision to build its own factories resulted from Panasonic’s fast-expanding market share in the local market.

It also plans to reserve 18,000 square meters in the surrounding area for future expansion.

In fiscal 2016, Panasonic obtained revenue of VND920 billion.

Source: vov.vn