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Panasonic to move Thai-based production to Vietnam

Japanese appliance-maker Panasonic on May 21 said that next year it will move its Thai-based production of refrigerators and washing machines to Vietnam, laying off some 800 workers.
Panasonic to move Thai-based production to Vietnam ảnh 1Panasonic's factory in Hanoi's Dong Anh district (Photo: XuanMaiCorp)

Hanoi (VNA) -  Japaneseappliance-maker Panasonic on May 21 said that next year it will move itsThai-based production of refrigerators and washing machines to Vietnam, layingoff some 800 workers.

The move is part of efforts to cut costs in the context that the company isfacing fiercer price competition from its rivals China and the Republic ofKorea.

Panasonic is seeking to cut costs of up to 100 billion JPY (929million USD) in three years to March 2022.

The firm, which started producing electronic equipment in Thailand in 1979,will close its research and development centre in the country by the end ofMarch 2021. It will support dismissed employees in seeking new jobs.

Panasonic said it will stop washing machine production in Thailand in September2020 and refrigerator production one month later.

In fiscal 2019-2020 (as of March 2020), Panasonic saw a netprofit decrease of 20.6 percent compared to the previous fiscal year, to 225.71billion JPY, while its sales fell 6.4 percent to 7.49 trillion JPY./.
VNA
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