Panasonic Eco Solutions Viet Nam opened new wiring and circuit factory in Binh Duong at an investment of over $18 million. — VNS Photos

BINH DUONG (Biz Hub) — Panasonic Eco Solutions Viet Nam Company Ltd on Saturday opened its new wiring device and circuit factory in the southern province of Binh Duong.

At an investment capital of VND396 billion (US$18.5 million), the factory will supply products mainly to the Vietnamese market.

It is estimated that it will produce 30 million wiring devices and 5.15 million circuit breakers in the fiscal year 2014 which ends in March 2015. This capacity will be doubled by 2018.

The company said Vietnamese consumers were now willing to pay more for high-quality products.

After developing the market in the country, the company will then export to neighbouring markets.

Raw materials are imported from other countries, but the company hopes to use domestic materials after finding suppliers. The use of local materials would lower prices.

The company said that "currently, four out of every 10 products in (Viet Nam) now are from their company. The figure is seven in Thailand."

They estimated that the figure would be six out of 10 when the capacity is doubled in 2018.

Panasonic Eco Solutions Viet Nam Company Ltd is the fifth production company of Panasonic in Viet Nam. Total investment of Panasonic in Viet Nam is US$243 million. — VNS