
Hanoi (VNA) - Japanese electronics giant Hitachi Ltd. launched asales and service unit in Laos, eyeing a five-fold increase in its localelevator and escalator market share as it expands its business in Asia and theMiddle East, Kyodo News reported.
The Tokyo-based firm has sold elevators and escalators in Laos via its arm inThailand - Siam-Hitachi Elevator Co. - for around 20 years, taking a 3 percentlocal market share in the fiscal year through March 2019.
Hitachi held an opening ceremony for Hitachi Elevator Laos Co. last week. Thejoint venture with a capital of 14.29 billion kip (1.6 million USD) is owned 40percent by Hitachi, 30 percent by Siam-Hitachi, and the remainder by local firmTangchareon Construction Sole Co.
Laos is the 16th country in which Hitachi has established a base for itselevator and escalator business. The giant opened its units in Asia like China,India, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines,Singapore, Thailand, Vietnam, Kuwait, Oman, Qatar, Saudi Arabia and the UnitedArab Emirates./.