Japan's Sojitz invests in Vietnam's Finviet

A retail store staff member places orders using Finviet's ECO Merchant app

Finviet is building a manufacturer-to-consumer model to develop the supply chain through the introduction of an online ordering platform that leverages data and digitalises the current distribution network for transporting products from manufacturers to wholesalers/retailers and then consumers.

Finviet’s app increases efficiency in distribution networks and allows transaction data to be utilised to improve convenience throughout the entire supply chain for retail stores, manufacturers, wholesalers, and distribution-related parties that install the app. Additionally, Finviet’s app enables small retail stores to offer lending and multiple payment services, which will increase convenience for consumers in their daily lives.

In 2022, Finviet launched its leading ECO Merchant app, which makes it possible for previous brick-and-mortar retailers to place orders on the app for a wide range of product offerings and to easily confirm order information and shipping status online.

The app has been installed by over 30,000 stores, primarily across major cities such as Hanoi and Ho Chi Minh.

A large portion of the population in Vietnam is unbanked, and Finviet is the only licensed non-bank payment service provider in the country that offers retailers the option to receive funding through bank loans and use online payment in lieu of past cash payments when ordering products from manufacturers and wholesalers.

Following this deal, Sojitz will continue to focus on enhancing the purchasing power of Vietnam’s consumers and developing value chains for manufacturing, distribution, and retail. In 2023, Sojitz acquired DaiTanViet JSC, Vietnam’s largest wholesaler of commercial food, and Sojitz is also working alongside its consolidated subsidiary and major consumer goods wholesaler, Huong Thuy Manufacture Service Trading Corporation, to expand sales channels to create a broad line wholesale food distribution business that supplies independently owned retail stores, mass merchandisers, and mid- to high-end hotels and restaurants.

In 2023, Vietnam’s population surpassed 100 million people, and the growth rate of the retail market is expected to exceed 10 per cent by 2027.

While some of Vietnam’s supermarkets and convenience stores operate multiple stores, family-owned businesses account for approximately 900,000 stores, or 80 per cent of the total retail market. Many of these small-scale retail stores place product orders manually, and there is room to improve business efficiency.

At present, distribution to retailers from food and commodity manufacturers often entails going through multiple wholesalers, and issues therefore remain surrounding transport times, efficiency, and the use of data.

Moving forward, Sojitz is considering joint projects with Finviet, which possesses strong online tech platform networks, to further expand Sojitz Group’s value chain in Vietnam.

Sojitz acquires full ownership of Vietnam’s New Viet Dairy On November 22, Sojitz Corporation (Sojitz) announced that it, together with Sojitz Asia Pte., Ltd. and Sojitz Vietnam Co., Ltd., has jointly acquired full ownership of DaiTanViet JSC (New Viet Dairy), Vietnam’s largest wholesaler of commercial food.

Japanese firms plan to boost investment in Vietnam A series of Japanese enterprises plan to pour money into Vietnam as part of the expansion of industrial parks invested by Sojitz Corporation.

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