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Matsushita Electric Industrial Co. said on Friday that it aims to begin manufacturing home appliances in Vietnam in September.
Appliances to be produced include washing machines, refrigerators, and gas cooking stoves.
The Japanese manufacturer has signed a memorandum of understanding with the Vietnamese government regarding the expansion of its businesses in the Southeast-Asian country.
As announced earlier this week, Matsushita plans to establish a home appliance manufacturing and retailing company, tentatively called Matsushita Home Appliances Vietnam Co. The firm will be established in the Thang Long Industrial Park in the suburbs of Hanoi. The park was developed by Sumitomo Corp.
Total investment is estimated at Y2 billion (U.S. $16.6 million), but it will likely increase in the future, Matsushita said.
The signing ceremony Friday was held at Matsushita's headquarters with Vietnamese Prime Minister Phan Van Khai in attendance, Matsushita said. (Dow Jones) Back
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