Hitachi Cable announced on Thursday the firm established a new subsidiary in Vietnam to produce electronic wire and cable. Hitachi Cable will build a new plant and start operation in May 2009. The new subsidiary aims annual revenue at approximately 1 billion yen in 2009 with about 500 employees, in future 10 billion yen. Total investment adds up to 1.8 billion yen.The new subsidiary will supply electronic wire and cable applied to home appliances, digital appliances, medical appliances and office appliances. Its cable sales will target out-in for Japanese market at 40%, out-out for Southeast Asian market at 30%, for Chinese market, especially for South China, at 20% and for Vietnam market at 10%.In recent years, offshore electronic appliance and part makers, including Japanese makers, have actively opened their business sites in Vietnam. Hitachi Cable’s new subsidiary will be the 10th overseas site for electronic wire and cable. Among existent 9 offshore sites, 4 subsidiaries are located in China and 3 subsidiaries in Southeast Asia.Hitachi Cable’s consolidated revenue for electronic wire and cable is approximately 45 billion yen, 50% of which is offshore sale.
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