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Swedish firm joins local group to produce aluminum
Sweden’s Sapa AB Group is joining hands with Ben Thanh Group (BGT) to build an aluminum plant in Ho Chi Minh City’s Thu Duc District following a deal signed Tuesday.
Under the deal, Sapa AB Group will replace two Japanese firms in a joint venture with Ben Thanh Group and become its new partner to continue the US$13.6 million aluminum project in Binh Chieu Industrial Park.
Vijalco, the joint venture established in 1997 between BGT with Sojitz Corporation and Tachibana, has been renamed as Sapa-Ben Thanh Aluminum Profiles Co., Ltd.
The two Japanese companies did not disclose their reasons for withdrawal from the venture.
Sapa-Ben Thanh Aluminum Profiles Co., Ltd, will raise the venture capital to $18.6 million from the initial $13.6 million to increase production capacity to 14,000 tons a year by 2045.
Planning to penetrate the Asia market, Sapa considers Vietnam as its stepping stone.
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