Vietnam Representative Office Upgraded to Wholly Owned Subsidiary Status
Nissei Plastic Industrial recently reorganized its representative office in Vietnam that was established in June 2004, converting it into a wholly owned subsidiary - Nissei Plastic (Vietnam) Co., Ltd. - in order to augment customer service in the country. An opening ceremony was held on March 9, and operations commenced. Currently, due to market expansion since the realization of the ASEAN Free Trade Area (AFTA) and risk hedging to counter over-concentration of production in China, restructuring and consolidation of production operations in the ASEAN region is being implemented. In particular, the number of Japanese, Western, and furthermore overseas Chinese companies entering into Vietnam is increasing rapidly, and the country is starting to become a production base with the objective of exports of automobile and motorcycle parts, as well as appliances and business machines. Based on this situation, Nissei upgraded its presence to that of local subsidiary, which now enables it to stock spare parts (impossible through a representative office) to strengthen its service capabilities, aiming at a rapid response to the maintenance and service needs of the market which are forecast to increase further in the future. Besides the president of the Vietnamese subsidiary, for the foreseeable future, operations will be carried out by a Japanese engineer, a local engineer, and a local office staff member. Vietnam is the tenth Nissei subsidiary after those in Shanghai, Hong Kong, Shenzhen (a Hong Kong subsidiary), Taiwan, Singapore, Malaysia (a Singapore subsidiary), Thailand, Mexico, and the U.S.A. Nissei Plastic (Vietnam) Co., Ltd.
|
|