Panasonic to launch $45mn indoor fan factory in Vietnam
Panasonic to launch $45mn indoor fan factory in Vietnam
Panasonic Corporation announced on Wednesday that two of its subsidiaries will produce and market indoor fans at a US$45 million new factory in the southern Vietnamese province of Binh Duong beginning next month.
Panasonic Ecology Systems Co. Ltd. and Panasonic Life Solutions Vietnam Co. Ltd. started building the 49,995-square-meter factory in Binh Duong in October 2019 and only recently completed the construction, according to the announcement.
The two-story factory, the first Panasonic Group factory designed for indoor air quality equipment in Vietnam, will begin operations on October 13.
It will start with the production of ceiling fans for the Vietnamese market this year and add ventilating fans for the domestic and overseas markets, including those in Asia, the Middle East, and Africa, in the next fiscal year ending March 2023.
The factory cost $45 million with a production capacity projected to reach three million products annually by 2025.
As a main production hub for indoor air quality-related devices in Southeast Asia, the Binh Duong factory is expected to increase Panasonic’s output in the region to approximately 1.5 times its current rate by 2026.
Panasonic also plans to establish a research and development (R&D) department on the same site by 2024 in order to develop products tailored to each country’s lifestyles and needs, thereby allowing the site to operate as a plant that integrates development, manufacturing, and sales.
Panasonic Group has been present in Vietnam for half a century since its Vietnam National Company, which manufactured and sold radios and TV sets, was established in 1971.
In the indoor air quality field, the group has been conducting activities to raise awareness of the importance of ventilation through local seminars and exhibitions since the late 1990s.
