Panasonic Electric Works Vietnam Co. Ltd. (Electric Works Company) will accelerate the expansion of its electrical construction material business to grow sales by approximately 3.5 times over the next decade, equivalent to a US$365 million increase.

The company will respond to the growing demands of the housing and construction market in Viet Nam based on its three main strategies of building a local product development system, strengthening the local production capacity of wiring and indoor air quality (IAQ) devices, and proposing solutions across the product categories through co-creation with local companies.

Regional headquarter chairman Wataru Matsumoto said: "Electric Works Company deploys a wide range of electronic construction materials globally and provides solutions to social issues. One of the most important countries for our future business growth is Viet Nam, where we expect to grow together by offering various products to fulfil the strong demands of the local market."

Kazuhiro Takeuji, general director of Panasonic Electric Works Vietnam, said: "We have been striving to provide a safe and secure electrical environment by focusing on wiring devices that many products accept. In the future, we will further strengthen the manufacturing structure of existing businesses and construct local development bases to expand our range of products. We will continue to provide secure, safe, and comfortable lives to Vietnamese people through the synchronisation of all processes from development to manufacturing and sales."

Panasonic's three main strategies include building a local product development system. To rapidly develop products that respond to local issues and needs, Electric Works Company will gradually build up a new product development and planning organisation for the local market in wiring devices, lighting, and IAQ categories.

Electric Works Company is holding an exhibition in HCM City from July 12 to 15 to demonstrate the new company's capabilities in modern housing and to strengthen relationships with its co-creation partners in the country. — VNS