Panasonic's factory in Hanoi's Dong Anh district (Photo: XuanMaiCorp)

The move is part of efforts to cut costs in the context that the company is facing fiercer price competition from its rivals China and the Republic of Korea.

Panasonic is seeking to cut costs of up to 100 billion JPY (929 million USD) in three years to March 2022.

The firm, which started producing electronic equipment in Thailand in 1979, will close its research and development centre in the country by the end of March 2021. It will support dismissed employees in seeking new jobs.

Panasonic said it will stop washing machine production in Thailand in September 2020 and refrigerator production one month later.

In fiscal 2019-2020 (as of March 2020), Panasonic saw a net profit decrease of 20.6 percent compared to the previous fiscal year, to 225.71 billion JPY, while its sales fell 6.4 percent to 7.49 trillion JPY./.

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