2007 The former Hitachi Cable News Release
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Hitachi Cable to establish representative office in Vietnam
Hitachi Cable Asia Pacific Pte. Ltd., coordinating Hitachi Cable Group business in the Southeast Asia area, has decided to establish a representative office in Vietnam's capital city of Hanoi. This office will be the Group's first facility in Vietnam.
Purpose of establishing this representative office
The Vietnam economy is showing remarkable levels of real GDP growth: 7.7% in 2004, 8.4% in 2005, and 8.2% in 2006. It is projected to show continued strong growth in 2007 and beyond. In addition, with Vietnam's entry into the WTO in January of this year and its government's policies of promoting liberalization, the influx of foreign companies centered on the manufacturing sector into the country is expected to accelerate.
Although until now the Hitachi Cable Group has conducted various individual market-research activities targeted at Vietnam from its marketing facilities in the Southeast Asia region, it needs to have an increased capacity to adapt to sudden changes in the market, as well as a stronger grasp of shifts in the local purchasing activities of customers. For this reason, the Group plans to strengthen its activities in areas such as market research and information gathering in Vietnam, with Hitachi Cable Asia Pacific, coordinating Hitachi Cable Group business in the Southeast Asia area, establishing a representative office in the nation.
Overview of this representative office
| Name | Hitachi Cable Asia Pacific Pte. Ltd. Hanoi Office |
|---|---|
| Date established | September 21, 2007 |
| Address | Sun Red River Bldg., 6th FI 23 Phan Chu Trinh Street Hoan Kiem District Hanoi, Vietnam |
| Lines of business | Market research on Hitachi Cable Group products, gathering information from government agencies, financial institutions, etc., and other activities in the Vietnam market |
| Number of employees | 2 |
Overview of Hitachi Cable Asia Pacific (as of December 31, 2006)
| Company name | Hitachi Cable Asia Pacific Pte. Ltd. |
|---|---|
| Lines of business | Coordination of Hitachi Cable Group business in the Southeast Asia region, and manufacture and sales of wires, cables, wiring products, and lead frames |
| Date established | July 9, 1974 |
| Headquarters | Hitachi Cable Asia Pacific Pte. Ltd. |
| Representative | Toshio Minami, President |
| Capital | 16 million Singapore dollars |
| Fiscal year ends | December 31 |
| Number of employees | 410 |
| Major shareholders and percentages of shares held | Hitachi Cable, Ltd. 83% A.C.T. HOLDING PTE. LTD. 7% Hitachi Magnet Wire Corp. 5% Hitachi Cable Fine Tech, Ltd. 5% |