Mitsubishi Electric to establish Vietnam JV to produce factory automation items
Mitsubishi Electric Corporation, the electronics and electrical equipment arm of Japanese conglomerate Mitsubishi, is set to launch Mitsubishi Electric FP Automation Vietnam, a joint venture in the Southeast Asian country for the manufacturing of factory automation items.
In a Friday statement, Mitsubishi Electric said it would conduct the move by acquiring an 80% stake in Fuji Bakelite Vietnam Co., Ltd., a Hanoi-based subsidiary of Japan-based Fuji Bakelite Co., Ltd.
The new joint venture is set for establishment on June 1 and will begin production of air circuit breakers from January 2025, in addition to a production line of small low-voltage circuit breakers.
An illustration of Mitsubishi Electric factory in Hanoi. Photo courtesy of Mitsubishi Electric.
The joint venture will leverage Fuji Bakelite Vietnam’s skilled workforce and expertise in manufacturing and quality control in Vietnam, Mitsubishi Electric said. The new facility, located in Thang Long Industrial Park II invested by Japanese giant Sumitomo, is set to employ 400 people, the Japanese firm added.
Mitsubishi Electric has been expanding its factory automation business in ASEAN by exporting products manufactured mainly in Japan. The joint venture will enable Mitsubishi Electric to build a production system for low-voltage circuit breakers and further expand the factory automation business by enhancing product supply capabilities.
The demand for factory automation items is expected to increase robustly in Vietnam, Thailand, Indonesia, and Malaysia, where strong economic growth is forecast, Mitsubishi Electricity stated.
- Related News
- Read More
Foreign internet-based service providers pay Vietnam $253 mln in taxes in 8 months
Vietnam collected nearly VND6.2 trillion ($252.6 million) from foreign internet-based service providers via a local tax payment portal in the first eight months of 2024, up 24% year-on-year.
Finance - Mon, September 16, 2024 | 12:32 pm GMT+7
Vietnam seeks Samsung collaboration to train semiconductor engineers
Samsung should continue cooperating with the National Innovation Center (NIC), under the Ministry of Planning and Investment (MPI), to help Vietnam’s target of training 50,000 semiconductor engineers by 2030.
Companies - Mon, September 16, 2024 | 11:07 am GMT+7
HSBC Vietnam’s post-tax profit falls one third in H1
HSBC Bank (Vietnam) Ltd., under London-headquartered lender HSBC, recorded a post-tax profit of VND1,787.1 billion ($72.8 million) in the first half of this year, down 32.5% year-on-year.
Banking - Mon, September 16, 2024 | 8:12 am GMT+7
Lack of ‘compelling stories’ undermines stock market vibrancy: brokers
Vietnam’s stock market is yet to strike a “dragon vein” and lacks “compelling stories” to attract more investors, representatives of major broker houses in the country said at a talk show Friday.
Banking & Finance - Sun, September 15, 2024 | 8:58 pm GMT+7
First body found in northern Vietnam bridge collapse
The body of one of the eight missing victims in Phong Chau bridge collapse that occurred on September 9 in Phu Tho province, northern Vietnam was found on Saturday afternoon.
Society - Sun, September 15, 2024 | 3:00 pm GMT+7
Vietnam industrial park developer Becamex IJC to pay $10.8 mln in 2023 dividends
Becamex IJC, a leading urban and industrial park developer in Vietnam, plans to pay 2023 cash dividends to shareholders at a rate of 7% this December.
Companies - Sun, September 15, 2024 | 2:04 pm GMT+7
Investors likely required to complete 4 wharves of HCMC’s $5.5 bln Can Gio port in 5 years
Investors should complete four out of seven main wharves of the $5.5 billion Can Gio "super" port in Ho Chi Minh City within five years, said Deputy Prime Minister Tran Hong Ha.
Infrastructure - Sun, September 15, 2024 | 9:23 am GMT+7
Credit institutions in Vietnam boast total assets of over $858 bln
Total assets of the credit institutions in Vietnam had reached over VND21,070 trillion ($858.4 billion) as of June 30, 2024, up 4.97% from the end of 2023, according to the Vietnam Bankers Association.
Banking - Sun, September 15, 2024 | 8:13 am GMT+7
Three provincial officials charged with illegally refunding VAT for solar power project
Three officials from Binh Phuoc province's Tax Department in southern Vietnam have been investigated for “showing a lack of responsibility, causing serious consequences” in a case involving a value added tax (VAT) refund to Loc Ninh 3 Energy JSC.
Society - Sat, September 14, 2024 | 11:23 pm GMT+7
Vietnam’s sluggish LNG-fired power projects can be expedited only under nation’s legal framework: Minister
Vietnam is striving to speed up progress on two sluggish LNG-fired power projects – Son My 1 and Son My 2 – but this has to happen within the nation’s legal framework, says Minister of Industry and Trade Nguyen Hong Dien.
Energy - Sat, September 14, 2024 | 11:07 pm GMT+7
Uniqlo to open first store in central Vietnam next year
Japanese clothing brand Uniqlo will open its first store in Vietnam’s central region in 2025, at the Aeon Mall Hue in Thua Thien Hue province.
Companies - Sat, September 14, 2024 | 7:00 pm GMT+7
From Mozambique to Vietnam: A journey to wisdom
A young Mozambican student, Oraiden Manuel Sabonete, is making waves with a rich tapestry of languages and a deep-seated passion for cultural immersion after nearly five years studying in Hanoi.
Travel - Sat, September 14, 2024 | 3:43 pm GMT+7
PV Gas supplies rail-transported LNG to first customer in northern Vietnam
Vietnam CNG JSC (PV Gas CNG), a subsidiary of PV Gas, has completed the delivery of liquefied natural gas (LNG) transported by rail from the south to its first customer in northern Vietnam.
Companies - Sat, September 14, 2024 | 3:26 pm GMT+7
Thailand’s Central Retail opens $13 mln mall in Ha Nam province, 40th in Vietnam
Thailand’s leading retailer Central Retail opened a mall under its GO! brand in the northern province of Ha Nam on Saturday, its 40th facility in Vietnam.
Industries - Sat, September 14, 2024 | 3:10 pm GMT+7
Airport Construction Corp-led consortium wins $260 mln Long Thanh airport bidding package
A consortium led by state-controlled Airport Construction Corporation (ACC) has won a VND6.37 trillion ($260 million) bidding package for construction of and equipment installation for aprons at the Long Thanh International Airport in the southern province of Dong Nai.
Infrastructure - Sat, September 14, 2024 | 2:18 pm GMT+7
Vietnam auto sales up 2% to 188,997 units in Jan-Aug
Members of the Vietnam Automobile Manufacturers' Association (VAMA), not including VinFast and Hyundai, sold 188,997 units in the first eight months of 2024, up 2% year-on-year.
Companies - Sat, September 14, 2024 | 10:44 am GMT+7
