Vietnamese join hands with foreign plastics companies
VietNamNet Bridge - Many Vietnamese plastics companies have decided to open their doors widely, receiving more foreign shareholders amid increasingly fierce competition in the market.
Rang Dong Plastics (RDP), the leading company in the plastics packaging sector, has opened its factory in Long An province.
This is the first phase of the project developed by RDP in cooperation with Sojitz Pla-Net from Japan, in which RDP contributed 80 percent of capital.
The cooperation with the Japanese technical plastics manufacturer with revenue of 200 billion yen and presence in 17 countries promises to help RDP control input material sources and fulfill business plans.
Sojitz Pla-Net also has committed to help RDP sell products through Sojitz network and export products to neighboring markets.
Joining hands with Sojitz Pla-Net and building a new factory are the two important steps taken by RDP.
It has also re-organized the enterprise, expanding production fields to create a production & supply chain. That is why RDP invested in Song Dung Forwarding Company where it holds 40 percent of shares.
Other companies in the plastics industry have also made many M&A deals recently. These include those in which SCG bought Tin Thanh Plastics and contributed capital to Viet Thai Plastchem, Chemtech, TPC Vina and Minh Thai.
Meanwhile, Dongwon Systems Corporation from South Korea has bought Minh Viet Packaging and acquired 97 percent of Tan Tien Plastics shares. Meiwa Pax Group from Japan spent $16.5 million to buy Sapaco, Oji Holdings Corporation bought United Packaging, and Sagasiki Vietnam bought Goldsun.
An analyst commented that Vietnamese plastics manufacturers tend to open their doors to foreign investors because they need foreign support to survive the stiff competition.
In the plastic tube manufacturing sector alone, there are 200 enterprises. A lot of newcomers have turned up, including Hoa Sen and Tan A Dai Thanh, while more and more Chinese, Thai and Japanese enterprises have flocked to Vietnam.
In its annual finance report, the management board of Binh Minh Plastics warned that in the context of stiff competition, maintaining revenue and the leading position in the plastic tube manufacturing sector would be a big challenge.
Binh Minh CEO Nguyen Hoang Ngan admitted that the company had a tough year 2017.
It has to keep the selling prices unchanged despite the sharp increase in input material price increases, while it has offered a 4 percent increase in discount for sale agents.
In order to cement its position in the market, Binh Minh has accepted more foreign shareholders. Nawaplastic, a subsidiary of SCG, has acquired 51.1 percent of Binh Minh shares.
Read more: http://english.vietnamnet.vn/fms/business/202877/vietnamese-join-hands-with-foreign-plastics-companies.html
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