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    Southeast Asia
     Apr 28, 2006
Sumitomo sets up firm in Vietnam

HAI DUONG, Vietnam - Sumitomo Electric Industries, Ltd (SEI) has been licensed to establish a company to produce electric wire for cars in the northern province of Hai Duong.

Under the license, granted to Japan's largest supplier of wires, cables, optical fibers and automotive components by the provincial People's Committee on April 26, the new business,



Sumiden Vietnam Automotive Wire, will has an investment capital of US$100m and will employ 8,000 workers.

With the establishment of its 11th automotive wire company overseas, SEI set a target of making Vietnam the largest automotive wire producer in Southeast Asia with an annual revenue of $270m.

Currently, SEI operates 92 companies in 28 countries with around 110,000 employees. It reported sales of 380 billion yen ($33bn) last year.

SEI established Sumidenso Vietnam two years ago and Sumi-Hanel Wiring Systems 10 years ago in Vietnam. The two companies, together capitalized at $50m, posted sales of $100m last year.

(VNA/Asia Pulse)

 

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