Japanese housing materials maker Jutec sets up sales, leasing unit with Vietnam’s ISN
HANOI, NNA – Japanese housing materials maker Jutec Holdings Corp. has launched overseas operations by setting up a sales and property leasing joint venture with ISN-Group in Vietnam amid the sluggish Japanese housing market.
The Tokyo-listed firm’s first overseas subsidiary, ISN-Jutec Limited Liability Co., is a 50-50 joint venture with a 20 billion dong ($860,000) capital between Jutec Corp., a sales subsidiary of the Tokyo-listed firm and Nguyen Ha Hung, the head of the local partner, Jutec said Thursday.
Hanoi-based ISN-Jutec is engaged in real estate and leasing business, as well as imports and sales of construction materials. The move is the first for Jutec to delve into the real estate management and leasing businesses.
The head of the corporate planning division for Jutec Holdings told NNA on Thursday that the local venture will function as the Japanese group’s overseas hub and concentrate on harnessing local demand for the time being.
Jutec has made inroads into the Vietnamese market as it fears a decrease in demand for new housing development due to the aging population at home.
Jutec, founded in 2009, also undertakes housing construction and repair, IT system supply and maintenance, as well as cargo delivery businesses in Japan.
ISN-Group is a Hanoi-based real estate corporate group involved in sales, rental, management, and leasing. Its head, Nguyen Ha Hung, also serves as managing director of its core company, ISN Corp.