Equipment trader Tsubakimoto Kogyo to open Vietnam sales unit
TOKYO, NNA – Japanese equipment trader Tsubakimoto Kogyo Co. will open a sales unit in Vietnam later this year to meet growing demand from carmakers and steel mills.
The company plans to establish a subsidiary in Ho Chi Minh City in November to supply power transmissions and industrial materials, mainly to Japanese companies in Vietnam, Junshi Koketsu, managing executive officer for business strategy, told NNA on Monday.
“We are seeing increasing demand from the auto industry,” he said, adding that the company also expects orders for parts for steelmaking equipment from a Taiwanese steelmaker in Vietnam.
Tsubaco Vietnam Co., will be 70 percent owned by the parent, with the remaining 30 percent held by Tsubaco Singapore Pte. Ltd., according to a statement released Friday.
The sales target for the local unit is about 100 million yen ($923,000) in 2020, according to Koketsu. Tsubakimoto Kogyo has about 3 billion yen in sales outside Japan, mainly in Thailand, he said.