21:32 (GMT +7) - Wednesday 18/07/2018

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Sumitomo strikes strategic partnership with Vietnamese wood company

Released at: 14:23, 07/12/2017

Sumitomo strikes strategic partnership with Vietnamese wood company

Photo: An Cuong Working JSC

An Cuong Working JSC announces strategic investment and development partnership with Sumitomo Forestry from Japan.

by Minh Do

The An Cuong Working JSC, one of Vietnam’s leading wood-working and decorative materials companies, has announced a strategic investment and development partnership with the Sumitomo Forestry Group from Japan, under which both will strengthen their cooperation and aim for business expansion.

“This is an investment that brings benefits to both companies and I am confident that our cooperation will bring great success,” said CEO of the Sumitomo Forestry Group, Mr. Masami Kitahashi.

“We are pleased to welcome the Sumitomo Forestry Group as our strategic shareholder,” said Mr. Le Duc Nghia, CEO of An Cuong. “With Sumitomo Forestry’s 200 years of experience in the industry, annual revenue of $10 billion, modern management technology, and great position in the international market, and our 23 years of operations and strong position in the domestic market, the Group becoming a shareholder will bring advantages to both parties.”

An Cuong’s business will be promoted in foreign markets such as Japan and the US based on the distribution network of Sumitomo Forestry. The Japanese group will send experts from Japan to help An Cuong’s factories producing doors and furniture made of industrial wood meet international standards and be qualified for exports to Japan and the US. The Japanese group’s housing development business in the two markets record revenues of more than $4 billion annually.

Moreover, the cooperation will capture a perfect supply chain in the Vietnam, from the production of raw materials to all types of industrial wood surfaces, meeting international standards and supplying all customers in Vietnam as well as the Japanese group’s customers all over the world.

An Cuong’s foreign strategic shareholders now include the VinaCapital Group, DEG from Germany, and the Sumitomo Forestry Group.

2016 turnover at An Cuong reached $110 million. With an annual growth rate of 30-35 per cent in recent years, the company now dominates the domestic market, with a 50 per cent market share in MFC panels and 70 per cent in Laminate panels, Acrylic panels, and by-products.

The company is currently a provider of products to real estate developers in Vietnam and is cooperating with thousands of interior designers, contractors, and small retailers around the country.

It is the manufacturer and exporter of well-known worldwide brands to Japan, Southeast Asia, the US, and Europe. Wooden products such as MFC, Melamine MDF, Laminates, Acrylic, Veneer and other by-products are widely used in interior design and decoration for offices, homes, condominiums, kitchen cabinets, schools, hospitals, super malls, bathroom partitions, and flooring.

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