Tata International sets up Vietnam operations
August 08, 2016
The incorporation of Tata International Vietnam (TIVCL) in June 2016 marks Tata International’s (TIL) foray into Vietnam. TIVCL, a wholly owned subsidiary of Tata International Singapore, will be headquartered in the capital, Ho Chi Minh City, with additional branch operations planned in the Mekong Delta.
In the initial phase, TIVCL’s key lines of business will constitute Allied Distribution, Agri Business, and Minerals Trading. The company’s operating licenses are expected soon.
TIL’s decision to venture into the country was spurred on by Vietnam being the fastest growing economy in the ASEAN, consistently performing beyond expectations. The economy grew at nearly 7 per cent in 2015. In the second half of this decade, growth may be further boosted should the Trans-Pacific Partnership, a trade pact between 19 countries across the globe, come to fruition.