Solvay headquarters in Brussels. (Photo: www.solvay.com)
Solvay is setting up a subsidiary in Ho Chi Minh City to strengthen its local business connections in Vietnam and tap into opportunities in in this fast-growing economy and neighboring countries.
The new Solvay Vietnam subsidiary will strategically connect local customers with Solvay’s businesses worldwide in markets including Home & Personal care, Automotive, Electronics, Agro-Food and Oil & Gas, Solvay has said in a press release.
It will allow Solvay to consolidate its presence in the Asia-Pacific region, improve its market knowledge and prepare for potential investments by the Group in the future.
Vietnam is as an attractive growth country for Solvay’s expansion in Asia. Vietnam, with an emerging middle-class, is the fastest growing economy in the ASEAN region, where it is the second-biggest country for chemical investments after Singapore, according to the release.
With the participation of Belgian Ambassador Mrs. Jehanne Roccas, the firm is holding “Solvay Vietnam Days” on January 19 and 20, where 40 top Solvay managers learn about the opportunities that the Vietnamese economy has to offer and meet the country’s key industry players in sectors.
“Solvay aims to develop sustainable and value-added solutions for our customers and the Vietnamese industry. Collaboration with local partners is essential in turning industrial, commercial or research projects into a success,” said Vincent Decuyper, member of Solvay’s Executive Committee.
Following its recent acquisition of Cytec, Solvay posted pro forma net sales of close to EUR12 billion ($13 billion) in 2014, 90% of which were generated from activities where it ranks among the world’s top three players.