Panasonic considers investing more in Vietnam

Panasonic Vietnam will consider investing more in the country in the future, General Director Eiji Fukumori said at a ceremony in Ho Chi Minh City on January 7 to unveil the new-generation FSV – EX air conditioning system.

According to Fukumori, Vietnam’s household electronics market is very promising thanks to a young population, socio-political stability, massive influxes of foreign direct investment and an estimated economic growth of 6.6% for this year. 

panasonic considers investing more in vietnam hinh 0
Illustrative image (Source: Kyodo/VNA)

As a member of the Trans-Pacific Partnership and the ASEAN Economic Community, Vietnam will be among countries that benefit most, he said, adding that Panasonic targets to become the fastest-growing company in the consumer electronics sector by 2020 by tapping Vietnam’s advantages over joining a number of free trade agreements. 

With such forecasts, Panasonic looks to earn US$6 billion from global air conditioning sales by March 2019, 16% of which will be sourced from Vietnam, only behind Japan and Indonesia. 

Last year, Panasonic’s sales of air conditioners for business use in Vietnam grew by approximately 151%, behind Malaysia (170%).