Panasonic will invest approximately VND396 billion (US$19 million) to set up the new factory and anticipates it will create 480 jobs, the majority of which will be given to local people.
The plant will be constructed on 9,200 square metres and is scheduled for completion in April 2014. It is expected to turn out 27 million electrical wire products and 12 million circuit breakers in the first year of operation with a doubling of the output by 2018.
"Vietnam is a new emerging market with huge growth potential. The country is developing at a rapid growth rate and its electricity infrastructure has gradually been improved. Panasonic will strive to develop electrical products to meet the demand of this growing economy", said Takashi Ogasawara, Chairman of the Board.
According to Panasonic, its circuit breaker products will be sold in Thailand and Japanese markets besides the domestic market.
