Taihei Engineering Co., Ltd. (“TEC”), sole owner of the subsidiary TAIHEI ENGINEERING SINGAPORE, PTE. LTD. (“TESG”) and Duc Duong Trading – Engineering Joint Stock Company (“DDC”). On 27 April 2020, Ho Chi Minh City, TESG has completed the acquisition of a majority (65%) of the shares from the current shareholders of DDC.
The acquisition strengthens TESG’s presence and market share in the Vietnam construction market as well as shows its confidence in the long-term growth potential of Vietnam. TESG looks forward to bringing its in-depth experience and knowledge in the construction field to further bolster DDC’s capabilities.
Mr. Mita Yasutaka, Representative Director of TESG, said: TESG was established in 2012 as a pillar of TEC’s overseas strategy. We have already established subsidiaries in Myanmar in 2013 and TESG in Cambodia in 2017, making Vietnam the third overseas base. By forming alliances with DDC in Vietnam, which has grown rapidly in recent years, we will leverage synergies with existing overseas subsidiaries and the know-how we have cultivated in Japan to further expand our overseas business in Vietnam and elsewhere.
“We will also strive to contribute to overseas markets with the goal of providing services of Japanese quality at local prices,” he said.
Mr. Hoang Duc Thoai, DDC General Director, added: “Vietnam is one of the fastest-growing market in Asia and we are excited to have Taihei as our strategic business partner. By combining Taihei’s international experience and DDC’s local insights, the cooperation will surely support DDC in continuous delivering quality products to our clients”.