TOKYO -- Japanese trading house Sumitomo has invested in a major Vietnamese port operator, aiming to seize growing demand for logistics services as manufacturers shift production to the Southeast Asian country amid the yearlong U.S.-China trade war.
Sumitomo teamed up with compatriot logistics company Suzuyo and a Japanese public-private fund specializing in infrastructure investment to take a 10% interest in Ho Chi Minh-based Gemadept. The trading house provided more than half of the roughly 4 billion yen ($37 million) the team paid to a local fund for the stake.
