Japan's Ube Construction Materials forms sales unit in Vietnam
Japan's Ube Construction Materials Co. has set up a subsidiary in Ho Chi Minh City to sell waterproof agents and other construction materials in Vietnam and other Southeast Asian countries.
Ube Construction Materials, a Tokyo-based wholly owned unit of chemical giant Ube Industries Ltd., said it owns a 51% stake in the new local arm, Ube CT Construction Materials Vietnam Co., which has an initial capital of US$753,100.
The rest of the stake is held by two other Japanese companies - 37.5% by T. Chatani & Co., a subsidiary of chemical goods trading house OG Corp., and 11.5% by Koatsu Gas Kogyo Co., a manufacturer of high-pressure gas.
The waterproof materials market in Vietnam is expected to expand in line with the country's economic growth, an Ube Industries spokesman told NNA, commenting on the establishment of the new local unit as the Ube group's first business base in Vietnam.
Ube Construction Materials was founded in 2015 and plays a central role in the group's construction materials business.