Vina Eco Board (“VECO” or “the Company”) will operate a wood processing and furniture business in Long An province, Vietnam. The Company also aims to connect with local farmers as wood raw materials suppliers and then provides advice and seedlings to them.
For the wood waste, the Company will build a 11 MW bio-mass power plant to recycle the waste. In a long term, the Company is also planning to support the development of local wood processing industry by establishing the first particleboard facility in Vietnam.
Founded in 1691 in Japan, Sumitomo Forestry Co, Ltd. ("SFC" or the "Sponsor") is one of the most experienced companies in sustainable forest and plantation management, wood products and wood-based housing sectors. SFC is planning to invest in a USD 93 million project to establish a greenfield particleboard plant with an annual capacity of 250,000 m3 near Ho Chi Minh City, Vietnam (the "Project").
The new particleboard plant will be owned and operated by Vina Eco Board Co., Ltd. ("VECO" or the "Company"). VECO was established in May 2010 by SFC and Sumitomo Forestry (Singapore) Ltd., SFC's wholly owned subsidiary in Singapore.Incorporated in 1947, SFC is a publicly listed company on the first section of Tokyo Stock Exchange and Osaka Securities Exchange. SFC's shares are widely held by institutional investors, financial institutions as well as individual investors.
The total project cost is estimated to be approximately USD93 million, and SFC plans to finance the Project with 50% in long term debt and 50% in equity. The proposed IFC investment is an equity investment of up to USD 9 million for up to 20% of VECO's share capital.
1/ Project Contact
General Project Inquiries Sumitomo Forestry Co., Ltd.
Keidanren Kaikan, 3-2, Otemachi 1-chome, Chiyoda-ku,
Tokyo 100-8270, Japan
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
3/Local Access for Project Documentation
Vina Eco Board Co., Ltd.
D2-D7, Phu An Thanh Industrial Park
An Thanh Commune, Ben Luc District
Long An Province, Vietnam
ACCOUNTABILITY MECHANISM OF IFC
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