Taihan Electric Wire relaunches in Vietnam as Taihan Cable Vina

Taihan Electric Wire has taken over a joint venture in Vietnam and launched it as a new entity in the country, the company reported.  The firm said the move reflected its efforts to expand its global reach.

In 2005, Taihan Electric Wire had established Taihan Sacom Cable as a JV. It has now acquired the remaining 30 percent owned by another investor. Taihan said it plans to turn the new entity -- renamed as Taihan Cable Vina -- into a global firm.

"We plan to increase annual sales to US190 million by 2020," said the Taihan Electric Wire CEO Choi Jin-yong who is concurrently head of the Vietnamese operation.

In 2015, Taihan Cable Vina had posted sales of US$36 million.

Taihan Electric Wire is considering making investments in value-added products and related equipment to increase the capacity. Raw materials are also to be shipped from Taihan's plant in Chungcheong Province for guaranteed quality.

As a part of its global push, Taihan Electric Wire recently also signed a memorandum of understanding to build a new plant for producing power generation equipment in Saudi Arabia.

Along with Vietnam and Saudi Arabia, Taihan is making foray into countries such as the South Africa.

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