NNA Asia top stories Friday, Nov. 9

09, Nov. 2018

TOKYO, NNA – The following are the top stories from NNA Asia for Friday, Nov. 9.

Sumitomo opens its 3rd industrial park in Vietnam with 8 Japanese tenants

HANOI, NNA –Trading house Sumitomo Corp. has opened its third industrial park in Vietnam, aiming to support Japanese firms entering the emerging market economy.

Eight Japanese tenants have signed a lease at the Thang Long Industrial Park III in Vinh Phuc Province, north of Hanoi. Their total investment is estimated at $150 million.

Sumitomo expects some manufacturers will move their production facilities to Vietnam from China as the Sino-U.S. trade row intensifies.

Japan’s Tokyu to close Bangkok Paradise Park store in January

BANGKOK, NNA – Japan’s Tokyu Department Store Co. will close its store at the Paradise Park shopping mall in Bangkok at the end of January due to sluggish sales amid intensifying competition in the capital.

The 12,000-square-meter store, which opened in June 2015, offers clothing, cosmetics and fresh Japanese produce.

“We have tried various promotions but it has become difficult to attract customers and maintain sales in the changing business environment,” a Tokyu official told NNA.

The retailer will continue operating the other shop in Bangkok, at the MBK shopping center.

IHI, Nomura join Malaysia’s Nextgreen Global to make pulp, fuel from palm waste

KUALA LUMPUR, NNA – Japanese heavy equipment and infrastructure firm IHI Corp. and Nomura Holdings Inc. have teamed up with Malaysian printer and publisher Nextgreen Global Berhad to make pulp and biomass fuel from palm waste.

The three firms signed a memorandum of understanding Thursday to enhance a two-year-old project recycle palm waste at Nextgreen’s industrial park in Pekan, the eastern state of Pahang on the Malay Peninsula.

IHI and Nextgreen will work together to establish an energy circulation system including biomass power generation. Nomura will help the Malaysian firm raise funds for the development of the industrial park.