15 January 1998: Singapore-registered Nippon Sheet Glass Asia Pte. has received approval for a US$ 145 million float-glass venture in southern Vietnam, a project official confirmed recently.
Nippon S…
15 January 1998: Singapore-registered Nippon Sheet Glass Asia Pte. has received approval for a US$ 145 million float-glass venture in southern Vietnam, a project official confirmed recently. Nippon Sheet Glass Asia Pte., a subsidiary of Japan“s Nippon Sheet Glass Corp., holds a 70% stake in the venture, while two local partners hold the rest; the state-run Construction Materials Corporation Number One with a 20% stake, and its affiliate, the Construction Materials and Techniques Company with 10%. “The joint venture terms allow the two Vietnamese partners to increase their equity stakes from the 10th year of the 48-year project, until they hold a combined stake of 49% by the 25th year,” the official said. He also added that the project would begin offering glass warehousing services by late 1998, and a year later plans to begin manufacturing mirrors. Float glass manufacture will reportedly start in June of the year 2001 with an annual capacity of 28 million square metres (33.48 million square yards). Production will be mainly for the domestic market, although some of the output will be exported. The factory is the third Japanese-invested float-glass project to be approved in Vietnam, with a combined production capacity of over 80 million square metres (95.68 million square yards). The plant will be located 80 km (50 miles) southeast of Ho Chi Minh City in the province of Ba Ria-Vung Tau.