Illustrative image (Source: AFP/VNA) Hanoi (VNA) - Japan's Ube Construction Materials Co. has set up asubsidiary in Ho Chi Minh City to sell waterproof agents and other constructionmaterials in Vietnam and other Southeast Asian countries.
Ube Construction Materials, a Tokyo-based wholly owned unit of chemical giantUbe Industries Ltd., said it owns a 51 percent stake in the new local arm, UbeCT Construction Materials Vietnam Co., which has an initial capital of 753,100USD.
The rest of the stake is held by two other Japanese companies - 37.5 percent byT. Chatani & Co., a subsidiary of chemical goods trading house OG Corp.,and 11.5 percent by Koatsu Gas Kogyo Co., a manufacturer of high-pressure gas.
The waterproof materials market in Vietnam is expected to expand in line withthe country's economic growth, an Ube Industries spokesman told NNA, commentingon the establishment of the new local unit as the Ube group's first businessbase in Vietnam.
Ube Construction Materials was founded in 2015 and plays a central role in thegroup's construction materials business./.
VNA
