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|Vietnam expects to see high demand for water treatment facilities.(Photo: asia.nikkei.com)|
Tokyo – The FE Holdings – a subsidiary of JFE Engineering of Japan - has spent 900 million JPY (8.6 million USD) to acquire a 3.87 percent stake in the Binh Duong Water Environment JSC of Vietnam (Biwase).
This is one of the Japanese firm’s steps to tap into strong demand for water treatment infrastructure in Vietnam.
JFE already has been contracted to build two wastewater treatment plants in Vietnam, both through Japan's official development assistance programme.
According to Nikkei Asia, partnering with Biwase which operates eight water treatment plants and a waste disposal facility in the southern province of Binh Duong will give the Japanese firm opportunities to pick up more orders, including expansion of existing Biwase facilities as well as the construction of waste disposal and recycling plants.
JFE plans to start local recruitment of engineers, sales staff and other personnel. It looks to grow its annual revenue from the Vietnamese market to 10 billion JPY in the next decade, from about 2 billion JPY in fiscal 2019.