Sharp Electronics announced Wednesday it has established a wholly-owned company in Vietnam which is responsible for import, distribution and after-sale services of Sharp products.
Sharp Electronics (Vietnam) Company Limited, or Sharp Vietnam, which has operated in the country since July, has an investment capital of US$6 million, the Japanese company said.
Masashi Kubo, general director of Sharp Vietnam, said the world’s economic recovery was a “golden time” for Sharp to expand in the country, which has “one of the best locations in Southeast Asia and a large domestic market.”
Fujimoto Noboru, Sharp Chief Executive Officer for Asia, Middle East, Australia and New Zealand, said the Vietnam unit plans to reach a turnover of about US$50 million in 2009 and triple that amount by 2011.
The new company will focus on distributing products at “affordable prices,” he said.
It will “initially focus on the large domestic demand and purchasing power before thinking of overseas exports,” he added.
Noboru said Sharp has not decided on opening a manufacturing plant in Vietnam.
This would happen “when the opportunity comes up [later], especially when the free trade agreement between Japan and Vietnam fully takes effect,” Kubo said.
Sharp Vietnam’s head office is located in Ho Chi Minh City and the company said it may open a branch in Hanoi next year.
Before its launch of Sharp Vietnam, Sharp Electronics had a representative office in the country and Mitsui Vietnam as its sole distributor.
Reported by Vinh Bao