Vietnam in the crosshairs of $1b Toshiba growth plan
Vietnam in the crosshairs of $1b Toshiba growth plan
Vietnam is anticipated to gain from Japanese leading electronic and electrical manufacturer Toshiba’s recently announced $1 billion investment fund in Southeast Asia over the next five years.
Hisao Tanaka, Toshiba’s president and CEO last week announced the group’s comprehensive strategy for expanding its business in Southeast Asia, including Vietnam, and doubling its current sales to $7 billion by 2019.
“Southeast Asia currently enjoys positive benefits Japan does not have, including high economic growth and a young, highly capable workforce, and friendship which adds to the importance of our partnership,” Tanaka said. “Southeast Asia is dynamic and forward looking, and so is Toshiba. More than anything else, I want Toshiba to engage deeply in Southeast Asia, to understand and respond to the unique qualities of each country.”
Southeast Asia has long been a strategic manufacturing hub for Toshiba’s major businesses, including semiconductors, hard disk drives and SSD in the storage business, transmission and distribution equipment and industrial motors, and TVs and home appliances.
For Vietnam, Toshiba announced the group would continue to reinforce its thermal power plant business, support measures to secure stable power supply in the country. In addition, the group is committed to contributing to Vietnam’s continued economic growth by providing and installing advanced road transportation systems. In July this year, Toshiba received an order to supply two 600 megawatt supercritical steam turbines and generators for the Vinh Tan 4 thermal power plant in Binh Thuan. Toshiba will start delivery in 2015. Earlier, Toshiba and two other Japanese companies won the contract to supply the Vietnam Expressway Corporation with an intelligent transport systems package including electronic toll collection, traffic control and equipment monitoring systems.
vir
