The logistics market in Viet Nam is booming with million-dollar merger deals being signed and many foreign companies striving to increase market share. But many local logistic companies are still thinking too small and are finding themselves suffering at the hands of bigger competitors. Pieter Pennings, consulting director of CEL Consulting, said local businesses are feeling the pressure from larger, foreign companies. He also believes Vietnamese companies need to expand their tech network in order to keep up with the competition. Earlier this month, Singapore-based Symphony International Holdings spent US$42.6 million to buy 28.57 per cent of Indo Trans Logistics Joint Stock Company (ITL Corp) from Singapore Post. Previously, the subsidiary of Japanese Sumitomo Group, SSJ Consulting, spent nearly $40 million to buy 10 per cent of voting shares in Vietnamese logistics firm Gemadept Corporation (Gemadept). The transaction is expected to take place in the next two weeks. SSJ Consulting has two main shareholders, Sumitomo Group, holding 51 per cent and Japan Overseas Infrastructure Investment, holding 46 per cent. At the 2019 Annual General Meeting of Shareholders, Gemadept approved the cancellation of a number of business lines with limit on foreign ownership under 49 per cent to welcome new foreign… Read full this story
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