Mitsubishi Electric Sets Up Vietnam Sales Company
Japan’s Mitsubishi Electric Corporation announced Tuesday 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.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 Ms. Kunihiko Seki being managing director and US$8.1 million in its paid-in capital.
Mitsubishi Electric said the new company “will act as a base to strengthen distributor partnerships and build direct sales channels, and consider the establishment of branch offices in Hanoi and other locations in line with sales expansion.”
(Source: Vietnam investment news)