Jun 14, 2011. Japan’s Mitsubishi Electric Corporation announced that it had established a Vietnam company this month to coordinate sales of air-conditioning systems, home appliances and, from next year, factory automation products.
The Japanese company has so far primarily conducted sales in Vietnam indirectly through distributors, and shifts to direct sales now.
“Due to Vietnam’s remarkable growth prospects, Mitsubishi Electric is now positioning the country as a priority market and has decided to establish a local company to coordinate sales,” the manufacturer said in Tuesday’s announcement.
Mitsubishi Electric Vietnam Company Limited will officially start operations on July 1, targeting annual sales of 8 billion yen (about US$95 million) by the fiscal year ending in March 2016.
Mitsubishi Electric Vietnam is located at the Saigon Trade Center in Ho Chi Minh City’s District 1, with Kunihiko Seki being managing director and US$8.1 million in its paid-in capital.