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Japanese stationery supplier King Jim Co. Ltd planned to build its third plastic paper file factory in Viet Nam by late 2016.
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TOKYO (Biz Hub) — Japanese stationery supplier King Jim Co. Ltd planned to build its third plastic paper file factory in Viet Nam by late 2016, the firm said.
The 9,000-square-metre plant is expected to be built at a cost of 700 million yen (US$5.88 million) near the existing factories in Binh Duong Province.
In addition to facilities in Viet Nam, King Jim also has a factory in Indonesia and has authorised a China-based company to produce 4 million products a year.
It is set to reduce the manufacturing of 3 million products in China when the new plant—capable of producing 14 million paper files a year—becomes operational.
A King Jim representative said Vietnam's labour costs were one third of China's, adding that the new factory would help improve its competitiveness.
In the Japanese market alone, paper file sales in 2014 rose by 20 percent from the previous year to 53 billion yen ($445.37 million), indicating a need for the company to expand its operations to meet domestic demand. — VNS