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Japan's Sojitz buys Vietnam’s Saigon Paper

Japanese trading house Sojitz has purchased Vietnam's Saigon Paper for about 10 billion JPY (91.2 million USD), inking a deal to tap the fast-growing demand for cardboard and tissue paper in the Southeast Asian country, according to Nikkei Asian Review. ​
Japan's Sojitz buys Vietnam’s Saigon Paper ảnh 1Saigon Paper, which sells tissues under the Bless You brand, also produces toilet paper and cardboard components. (Source: Saigonpaper.com)

Tokyo (VNA) - Japanese trading house Sojitz has purchased Vietnam's Saigon Paper for about 10billion JPY (91.2 million USD), inking a deal to tap the fast-growingdemand for cardboard and tissue paper in the Southeast Asian country, accordingto Nikkei Asian Review.

Sojitz acquired more than 90percent of Vietnam's largest maker of tissue paper from the company'sfounders.

Saigon Paper, which sells tissues under the Bless You brand, alsoproduces toilet paper and cardboard components. Yearly sales top 100million USD on production capacity of 40,000 tonnes of residential-use paper aswell as 230,000 tonnes of industrial paper.

Cardboard demand in Vietnam surged more thantenfold over the past decade, benefiting from the rise of online shopping andthe move of textile and electronics production to the country from China.Toilet paper demand quintupled in that time as living standards improvedamid annual growth in gross domestic product of about 6 percent.

Saigon Paper's founders formed the companyin 1997, but now see a need for greater efficiency and capital investment.

Sojitz will send six managers from Japan to help revamp the company'sfinance and accounting systems. The trading house will consider updatingthe manufacturer's production facilities as well.

Sojitz and Saigon Paper will work together onrecyclable wastepaper collection from industrial parks, logistics facilitiesand the Ministop convenience stores that the Japanese company helpsoperate.

The trading house, which has been expandingoperations in Vietnam, aims to raise its papermaking sales in thecountry around 40 percent to roughly 18 billion JPY by 2022. -VNA
VNA
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