Japanese conglomerate Sojitz Corporation and Vietnamese counterpart Stavian Group have agreed to boost their cooperation in forest development and wood chips, energy, decarbonization, paper pulp and chemicals businesses.
The two sides signed a memorandum of understanding for the strategic move last week, saying the move reflected sustainable development and solidarity.
The Sojitz Group comprises approximately 400 subsidiaries and affiliates in Japan and abroad, operating in many fields including automobiles, aerospace & transportation, energy, mineral resources, recycling, chemicals, food sources, agriculture and forestry, consumer and industrial goods.
In Vietnam, Sojitz has established 17 joint ventures, including one with Vinamilk, the country's largest dairy producer. This partnership is building a $500-million complex in Vinh Phuc province bordering Hanoi that will raise cows and supply beef to northern Vietnam.
In November 2023, Sojitz and its subsidiaries acquired full ownership of Dai Tan Viet JSC (New Viet Dairy), a major food wholesaler in Vietnam. Sojitz said it will utilize New Viet Dairy’s sales network to promote seafood products of its subsidiary MF Vietnam Ltd.
In September 2023, Vietnam’s northern coastal province of Quang Ninh granted a polypropylene (PP) production technology transfer certificate to Stavian Quang Yen Petrochemical JSC to implement a $1.5 billion petrochemical project.
The project will be built on 30 hectares at the Bac Tien Phong Industrial Park in Quang Ninh's Quang Yen town. Expected to start operations by the fourth quarter of 2026, the project will supply 600,000 tons of polypropylene (PP), a type of polymer, every year.