Tata International ties up for Vietnam operations
March 23, 2018
Tata International today said it has signed two agreements for Vietnam operations with the Vissai Cement Group and Agribank.
The Singapore subsidiary of the company, Tata International Singapore PTE, signed a memorandum of understanding (MoU) with the Vissai Cement Group to form a joint venture company in Vietnam for utilising the Vinh Port, a release issued here said.
The port is expected to be one of the primary gateways for trade flow in and out of Laos, it added.
The expertise of both companies will help create a strong distribution network and manage the complete coal supply chain to meet the demand of Vietnamese customers.
This JV company will also be responsible for all coal imports of Vissai Group on an exclusive basis, it said.
The second MoU was inked with Agribank, the largest commercial bank in Vietnam, for financing farm equipment.
The Vietnamese arm of the company, Tata International Vietnam Company, signed an MoU with Agribank, the only wholly state-owned bank in Vietnam.
The MoU signifies the shared aspiration of Tata International Vietnam and Agribank to ensure credit support to farmers, co-operative farms, and plantations to avail leading mechanisation solutions.
“Through this association, farmers, cooperatives and plantations in Vietnam can avail finance through government supported programs,” Tata International head, finance and accounts, legal and secretarial, Ajay Ponkshe said.