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News - Fiscal 2005
Hanoi, Vietnam Base Becomes a Subsidiary Company
January 25, 2006
Sumitomo Heavy Industries, Ltd. (Yoshio Hinoh, President and CEO) has turned its plastic injection molding machines base in Hanoi, Vietnam into a foreign investment corporation.
In January 2005, Sumitomo Heavy Industries, Ltd., operating through its Singapore subsidiary, S.H.I. Plastics Machinery (S) Pte.Ltd, established a Representative office in Vietnam to support sales and servicing of plastic injection molding machines and further promote its marketing activities. The market is undergoing rapid expansion in the injection molding machine field, and it has become necessary to expand the local service structure even further. The Company has completed the procedures necessary to establish a Vietnamese subsidiary through 100% direct investment. Production of IT-related products, such as printers and digital cameras, is rapidly growing in South East Asia, particularly in Vietnam and China. Enterprises from many countries continue to enter Vietnam, and rises in exports of plastic injection molding machines are forecasted. The Company is strengthening its sales by creating this local subsidiary and enriching its detailed customer service. It is also planning to establish additional bases in the southern Vietnam region, centering on Ho Chi Minh City.
Plastic injection molding machines bases overseas now number 35 locations in 20 countries. The Vietnam subsidiary will be the sixth location in South East Asia, following Singapore, Thailand, Malaysia, Indonesia and the Philippines. The Company will continue to strive for expanded service and sales as it proceeds with its globalization efforts.
1. Official Name:
S.H.I. Plastics Machinery (Vietnam) Limited
C1, 14 Thuy Khue Street, Hanoi, Vietnam
(General Director: Resident)
4. Employees: 7
5. Business Details:
Service activities for plastics injection molding machines
6. Establishment License: December 2005
Began Operations: January 2006