NSG Group announced that it has completed the transfer of all of its equity interest in Vietnam Float Glass Co., Ltd. (VFG), a subsidiary manufacturing architectural glass in Vietnam, to its joint venture partner.
Established in 1995, VFG was Vietnam’s first float glass manufacturing company, and the company has subsequently supplied architectural glass mainly to the Vietnamese domestic market. In recent years however, competition in the commodity architectural glass market in South East Asia has intensified, and therefore the Group has decided to complete this transfer, consistent with its strategy of focusing on the manufacture of high-value-added products. Going forward, VFG will continue its operation under the umbrella of Viglacera Corporation – JSC, a local joint venture partner of the company since its establishment.
NSG Group has set its medium-term plan, “2030 Vision: Shift the Phase”, aiming to expand profits in high-value areas that contribute to the sustainable development of society. The decision is part of that strategy. In South East Asia the Group continues to produce glass for solar panels in Vietnam, NSG Vietnam Glass Industry Co., Ltd., and Malaysia, Malaysian Sheet Glass SDN BHD, and including these products, it will further accelerate the shift to high-value-added businesses.