The Japan Pile Corp has entered a strategic partnership with local firm Phan Vu Investment Corp, concluding its contract in Ho Chi Minh City.
The deal value, however, was not disclosed.
Under the contract, the Japanese company, which is listed on the Tokyo Stock Exchange, will become a shareholder in Phan Vu (PVI) with a 5-percent stake. It will be the first foreign institutional investor of PVI.
According to PVI's deputy general director Vo Thi Hien, her company has a charter capital of VND150 billion (US$75.5 million).
Last year it earned a net profit of almost VND60 billion from a turnover of VND690 billion.
As PVI's operations also include the pile foundation business, the Japanese partner will cooperate to create new pile products for the Vietnam market, including those with an anti-earthquake feature.
It will also assist in the management of the holding company model.
In the fourth quarter, Japan Pile Corp will organize training courses for PVI staff in Vietnam and receive trainees in Japan as well.
The Phan Vu Investment Corp is expected to list in the HCM Stock Exchange in the fourth quarter this year.
