Japan’s Haseko agrees to take 36% in Vietnamese peer Ecoba to expand business
HO CHI MINH CITY, NNA - Japan’s real estate group Haseko Corp. has agreed to buy a 36 percent stake in Ecoba Vietnam Joint Stock Co., a Hanoi-based construction firm, through a third-party allotment, underscoring the Japanese company’s efforts to seek growth overseas.
Under the agreement, Haseko will send a representative to Ecoba’s board of directors, and the two companies will collaborate as strategic partners, sharing knowledge and expertise, Haseko said in a press release on Friday last week.
Haseko started to invest in the Vietnam market in 2012 as an investor in “The Authentic” serviced apartment project built to meet Japanese standards and mainly marketed to employees of Japanese companies.
Haseko aims to expand their business in Vietnam by planning, building, marketing, and managing residential properties, a Haseko spokesman in Tokyo told NNA on Tuesday.
“Ecoba has growth potential and puts a focus on residential development similar to what we plan to do,” he said.
Haseko has set a five-year business plan, placing overseas business as one of its key strategies.
Ecoba, founded in 2007, primarily focuses on apartment buildings and has developed several residential projects, including Aquabay Resident Ecopark and Vincity Ocean Park in Hanoi.
“This strategic cooperation will help the two parties have resonance in terms of technology, market potential, and further promote development in the Southeast Asia market,” Ecoba said in a press release last Friday.