Viettronics Tan Binh closes Sony Vietnam joint venture

Southern bourse-listed Viettronics Tan Binh Joint Stock Co (coded VTB) recently announced to stop the operation of Sony Vietnam Co, Ltd

Particularly, Sony Vietnam Co, Ltd headquartered No 248A No Trang Long, Binh Thanh dist, HCM City, a joint venture between VTB and Sony Group, was established in October 2004 with the initial chartered capital of $5 million. Of which, VTB invested 30 percent stake and the remaining 70 percent invested by Sony Group.

According to VTB, the operation and joint venture lifespan ended on October 17 and the partners had no intention to extend.
Reportedly, in Q3, VTB earned 54.9 billion dong of net revenue and the figure was 185 billion dong in Jan-Sep, or 44 percent of the year’s target.

VTB’s profit after tax was over five billion dong and it was 19 billion dong in Jan-Sep or 68 percent of the year’s plan. – Vietstock

Tags: SOny Vietnam, Viettronics Tan Binh

Posted by VBN on Nov 1 2010. Filed under Appliances & Electronics. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry