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.
Saigon 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 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.
Sojitz acquired more than 90 percent of Vietnam's largest maker of tissue paper from the company's founders.
Saigon Paper, which sells tissues under the Bless You brand, also produces toilet paper and cardboard components. Yearly sales top 100 million USD on production capacity of 40,000 tonnes of residential-use paper as well as 230,000 tonnes of industrial paper.
Cardboard demand in Vietnam surged more than tenfold over the past decade, benefiting from the rise of online shopping and the move of textile and electronics production to the country from China. Toilet paper demand quintupled in that time as living standards improved amid annual growth in gross domestic product of about 6 percent.
Saigon Paper's founders formed the company in 1997, but now see a need for greater efficiency and capital investment.
Sojitz will send six managers from Japan to help revamp the company's finance and accounting systems. The trading house will consider updating the manufacturer's production facilities as well.
Sojitz and Saigon Paper will work together on recyclable wastepaper collection from industrial parks, logistics facilities and the Ministop convenience stores that the Japanese company helps operate.
The trading house, which has been expanding operations in Vietnam, aims to raise its papermaking sales in the country around 40 percent to roughly 18 billion JPY by 2022. -VNA
You should also see
Airports to offer 9,000 domestic flights during upcoming holidays
Vietnamese airlines are expected to operate 9,000 flights on domestic routes to meet the travel demand during the upcoming National Reunification Day (April 30) and May Day (May 1) holidays, according to the Airports Corporation of Vietnam (ACV).
See more
Business
Ample room for Quang Ninh to attract FDI
The northeastern province of Quang Ninh has ample room to attract foreign direct investment (FDI) and realise the goal of attracting 3 billion USD in FDI this year and 10 billion USD in the 2020-2025 period.
Business
Long An, Dong Nai introduce strengths in RoK
The southern province of Long An and Dong Nai introduced their investment climate as well as socio-economic development orientations at an investment promotion conference held in the Republic of Korea (RoK) on April 26.
Business
Vietnam makes initial efforts to approach creative industries: CIEM
Vietnam has made initial efforts to approach creative industries and services, particularly a policy framework related to creative economy development, according to a new report released by the Central Institute for Economic Management (CIEM).
Business
HCM City wants to become major partner, customer of NVIDIA: Official
Chairman of the People’s Committee of Ho Chi Minh City Phan Van Mai has told the Vice President of Worldwide AI Initiative at NVIDIA, Keith Strier that the city wants to become a major and good partner and customer of the firm in Vietnam.
Business
Revenue on top five e-commerce platforms jumps 79%
The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.
