Japan's Ube Construction Materials forms sales unit in Vietnam
HANOI, NNA - Japan's Ube Construction Materials Co. set up a subsidiary in Ho Chi Minh City in March 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 Monday it owns a 51 percent stake in the new local arm, Ube CT Construction Materials Vietnam Co., which has an initial capital of $753,100.
The rest of the stake is held by two other Japanese companies -- 37.5 percent by T. 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 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. (NNA/Kyodo)