HCM CITY (VNS)— UPS has become the first global express delivery company to be wholly-owned in Viet Nam after it acquired its joint venture partner's 49 per cent stake, the company announced yesterday.
The partner was VN Post Express.
"With UPS now wholly-owned in Viet Nam, our customers in this growing market are better connected to the world through the UPS global network," said Brendan Canavan, who heads the company's Asia Pacific operations.
As a part of its global growth strategy, UPS has invested in new facilities and technology in key commercial and industrial centres across Viet Nam, including Ba Ria-Vung Tau, Binh Duong, Hai Duong and Bac Ninh provinces, the company said in a press release.
"Wholly-owned operations will give us the flexibility to further expand our operations and grow in partnership with Vietnamese businesses," said Jeff McLean, General Director of UPS Vietnam.
The company has enjoyed solid growth in Viet Nam since it started its operations in 1994. UPS Vietnam's export volume grew by more than 20 per cent in 2012. —VNS