Japanese firms pursue acquisitions and larger stakes in Vietnam
Kokuyo plans further investment to make Thien Long Group a subsidiary, while Sojitz has become Taseco Air Services’ second-largest shareholder.
Japan’s Kokuyo announced on September 30 that it planned to put more capital into a special purpose company set up to buy shares in Thien Long An Thinh Investment Corporation and Thien Long Group Corporation. The investment is intended to bring Thien Long Group under Kokuyo as a subsidiary.
The additional funding will take the subsidiary’s capital above 10 per cent of Kokuyo’s capital, giving it specified-subsidiary status.
Separately, Sumitomo Mitsui Banking Corp (SMBC) was in advanced negotiations to lift its VPBank holding from 15 per cent to approximately 20 per cent, Reuters reported on September 25, citing four people familiar with the talks. SMBC bought its initial stake in 2023 for US$1.5 billion.
Sojitz Corporation also completed a purchase of more than 14.9 million shares in Taseco Air Services JSC in September. Its holding reached 27.64 per cent of charter capital, ranking it behind controlling shareholder Taseco Group, which owns 51 per cent. Taseco Airs operates airport businesses including shops, food and beverage outlets, lounges, logistics and airline catering.
RECOF’s database recorded nine Japanese outbound merger and acquisition transactions targeting Vietnam during the first nine months of the year. Across all destinations, Japanese outbound transactions fell 2.5 per cent to 467. RECOF said Japanese companies continued to show strong interest in investing in Vietnam.
