Panasonic Ecology Systems Co., Ltd. and Panasonic Life Solutions Vietnam Co. Ltd. have completed a new factory in Binh Duong province, southern Vietnam, and they will shortly start the production as of October 13.
This is the first Panasonic factory that will manufacture indoor air quality (IAQ) products in Vietnam, aiming to improve air quality and increase local consumer’s quality of life.
The factory will provide ceiling and ventilating fans for both the domestic and overseas markets, including Asia, the Middle East, and Africa, ahead in the next fiscal year ending in March 2023.
As a main production hub for indoor air quality related devices in Southeast Asia, the Binh Duong factory will increase Panasonic’s production volume of these devices in the region to approximately 1.5 times in 2026 compared to 2021.
A research and development (R&D) department is due to be established in 2024 in order to turn the factory into a site that integrates development, production, and sales procedures.
Takashi Ogasawara, president and managing officer of Panasonic Corporation Life Solutions, said that along with economic growth in the Southeast Asian region coupled with the increasing demand for these products in the future, the construction of a Vietnamese factory is part of its strategic expansion plan aimed at tapping into the Southeast Asian market.
The Binh Duong factory is Panasonic Life Solutions’s third factory in Vietnam, Ogasawara revealed.
Explaining why Panasonic has decided to choose Vietnam for its investment, the CEO said the country is one of the markets that has recorded robust economic growth for several years. IN addition, it has a young, creative and skilled labour force.
The total investment capital of the factory is set to be US$45 million with a production capacity of three million products annually.