Japanese Punch Industry to Set up a Subsidiary in Vietnam

Punch Industry Co.,Ltd., a maker of plastic and pressed hardware, screw, and bolt, is planning to set up a subsidiary this November. The company specializes in pressed hardware for automotive components. It is dedicated to in-plant production of high value-added products as well as optimized global production. Despite the fact that it already has a sales base in Vietnam, this will be its first time setting up a production base in Vietnam. The subsidiary will be named Punch Industry Manufacturing Vietnam Co., Ltd. The company will put in USD 0.8 million for the initial stage of establishment, and by 2016 the total investment will reach USD 56 million. The subsidiary will be wholly-owned by the company, which has already bought a 2,500 square meter land in the industrial zone of Bình Dương Province. The subsidiary will start partial operation in October 2016, and will reach full operation 3 to 4 years later. The company describes Vietnam as "a Southeast Asian hardware market with the biggest growth potential". In the future the company will continue on integrated sales and production which it is good at.