Meiko Electronics to set up Vietnam venture with Shanghai Longcheer Technology
HANOI, NNA - Meiko Electronics Co., a major Japanese manufacturer of printed circuit boards, will establish a joint venture in Vietnam with Shanghai Longcheer Technology Co. of China to assemble electronic devices.
Meiko’s board of directors on Wednesday approved the establishment of the joint firm in the Thach That – Quoc Oai Industrial Park in Hanoi in January 2020 with a capital of $1 million, Meiko said in a statement. The new company, tentatively named Meiko Longcheer Electronics Vietnam Co., aims to start production in 2020, it added.
The joint venture will be owned 51 percent by Meiko Elec. (H.K.) Co., a wholly-owned Hong Kong subsidiary of Meiko, and 49 percent by Guolong Telecommunication (H.K.) Ltd., a wholly-owned Hong Kong subsidiary of Shanghai Longcheer, the statement said.
Meiko Longcheer will assemble electronic devices at dedicated assembly lines to be installed at Meiko’s subsidiary plant in the Hanoi industrial park, the statement said. The scale of production and other details will be decided later, a Meiko spokesman said.
Meiko established its Vietnam subsidiary in 2007 to manufacture rigid substrates and flexible substrates as well as manufacture electronic devices on contracts for other companies, the statement said.
Aiming to win new orders for manufacturing electronics from other companies, Meiko expanded the plant floor area, it added. Meiko hopes to receive more orders from not only Japanese companies but also foreign clients, the spokesman said.