Tata International strengthens its presence in Vietnam
Mumbai, Mar 6 (IBNS): Tata International signed two Memoranda of Understanding (MoUs) for Vietnam operations, one with a leading corporate group, the Vissai Cement Group for the utilization of the Vinh Port and the other with Agribank, the largest commercial bank in Vietnam for financing of farm equipment.
The teams were part of the delegation accompanying H.E. Tran Dai Quang, President of the Socialist Republic of Viet Nam at the India-Viet Nam Business Forum held in New Delhi on Mar 3, 2018.
Minister of State for Defence, Government of India, Subhash Ramrao Bhamra, was present at the occasion.
The Singapore subsidiary of the company, Tata International Singapore PTE Ltd, a leading solid fuel trader in Asia, signed a Memorandum of Understanding (MoU) with the Vissai Cement Group, to form a joint venture company in Vietnam for utilizing the Vinh Port that is owned by Vissai Group. The port is expected to be one of the primary gateways for trade flow in and out of Laos.
The expertise of both the parties will help create a strong distribution network and to manage the complete coal supply chain to meet the demand of Vietnamese customers. This JV Company will also be responsible for all coal imports of Vissai Group on an exclusive basis.
Noel N Tata, Managing Director, Tata International Limited (TIL), held discussions with the Secretary of Provincial Party Committee of the Government of Vietnam, Nguyen Dac Vinh during the event that marked the further strengthening of ties between India and Vietnam. The discussions revolved around the existing trade opportunities in the province in power sector, namely coal and solar, agriculture and minerals such as lime stone and marble.
The Secretary welcomed the MoU signed by Tata International and Vissai to form a JV company in this province and expressed desire for this to be the stepping stone for Tata International’s further foray in the investor friendly business climate being provided by the Provincial Government.
The Vietnamese arm of the company, Tata International Vietnam Company Limited, signed another MoU with Agribank, the only wholly state-owned bank in Vietnam. The MoU signifies the shared aspiration of Tata International Vietnam and Agribank to ensure credit support to farmers, co-operative farms, and plantations to avail leading mechanization solutions.
“We are happy to collaborate with Agribank, the largest bank in Vietnam. Through this association, farmers, cooperatives and plantations in Vietnam can avail finance through government supported programs, in addition to benefits such as equipment insurance and special offers on machines and implements manufactured in India in support of the Prime Minister’s Make in India campaign,” said Ajay Ponkshe, Head Finance & Accounts, Legal & Secretarial, Tata International Limited at the signing ceremony.
“The MoU with Tata International Vietnam will help Vietnamese farmers overcome financial difficulties to access high quality and affordable technology. Under the MoU, Tata International Vietnam will provide access to wide range of mechanization solutions to Agribank customers. The cooperation between Agribank and Tata International contributes to the warm relationship shared between Vietnam and India and we look forward to working together on many more mutually rewarding associations.” said Mr Pham Toan Vuong, DGM Agribank HO.
The Vissai Cement Group is a multi-sector economic group based in Vietman, operating in a number of sectors, including cement, iron and steel production, waterway and road transportation, real estate, textiles, sports business and import and export. Agribank’s network spans the length and breadth of Vietnam with six subsidiaries, nearly 2,300 branches and transaction points.
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