Jun. 29 – Unilever Vietnam is now a fully foreign-owned company after buying 33.33 percent of shares held by its former joint venture partner, the Vietnam National Chemical Corporation (Vinachem), for an undisclosed amount.
The buyout was approved by regulatory officials and is now in the process of being finalized.
Previously, Unilever held US$75.3 million worth of company shares or 66.66 percent in 1995. Unilever and Vinachem have agreed to change their former joint venture partnership for the sake of being able to expand the business further.
Vinachem will still play a vital part of Unilever Vietnam business because its outsourcing contracts are still held by Vinachem subsidiaries.
“Unilever and Vinachem have reached an agreement and the restructuring will not impact staff, partners, suppliers, customers or distributors,” Unilever Vietnam chairman Marijn van Tiggelen told the Daily.
Annually, Unilever Vietnam imports an estimated US$75 million worth of materials. The company is one of the most well-known and successful foreign investors in its sector in the country.
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