Canon Vietnam reaps $1.52 bln in 2023 revenue, targets 28% growth

Canon Vietnam Company Limited recorded revenues of $1.52 billion and paid VND205.9 billion ($8.37 million) to the state budget last year.

The firm targets a 28% increase year-on-year in revenue this year.

Shigeyuki Okamoto, Canon Vietnam’s CEO, revealed the figures at a Monday meeting with authorities in the northern province of Bac Ninh.

He said he appreciated local authorities’ support for Canon’s factories at the Que Vo and Tien Son industrial parks.

He asked provincial authorities to continue easing customs procedures, improving surrounding facilities to attract workers, enhancing traffic safety around industrial parks, and ensuring stable electricity supply to enable higher output in 2024.

Bac Ninh Vice Chairman Vuong Quoc Tuan ordered relevant agencies to work with Canon and follow up on the suggestions and requests. He also called on Canon to continue encouraging Japanese firms to invest more in the province.

Canon entered Vietnam in 1980 with a representative office that focused on distributing its products. The firm now runs four plants in the country – two in Bac Ninh province, one in Hanoi and another in the neighboring province of Hung Yen, employing a total of 25,000 people.

Starting January 1, 2024, Canon Marketing Vietnam Company Limited has been appointed sole authorized distributor in the country for Canon Imaging Products including cameras, lenses, Selphy photo printers, replacing Le Bao Minh JSC.

Le Bao Minh JSC remains the authorized distributor of Canon office and printing products in Vietnam.

Japan is the third-biggest foreign investor in Bac Ninh with about 150 projects and a total registered capital of $1.7 billion.