Established in 1975, STG is a logistics provider in Vietnam. Its three main pillars of business are each held by a subsidiary company: inland container depots and barging; freight forwarding and contract logistics; and transportation of heavy lift and project cargo.
The partnership between PSA and ITL leverages STG’s strong presence in Vietnam with its local expertise.
The latest venture in Vietnam strengthens PSA's network in the region and is in line with its aspiration to be a global supply chain orchestrator and enabler of sustainable trade, says PSA group CEO Tan Chong Meng. The acquisition was carried out fully-owned subsidiary PSA Cargo Solutions Vietnam Investments.
“With its strong fundamentals and robust growth potential, Vietnam is poised for further economic expansion, and we are glad to be able to work with like-minded partners to broaden and deepen our involvement in the country with this latest collaboration. It reaffirms our commitment to better service cargo owners in the region through differentiated and innovative value-added supply chain services,” said Tan.
Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International, added: “PSA is pleased to partner ITL, a renowned and well-established logistics service provider, as we expand our Node-to-Network strategy in Southeast Asia, with Vietnam being one of our key markets. STG serves as a Port+ differentiator and this strategic collaboration enables both companies to leverage synergies and further strengthen our position to deliver a stronger value proposition to our customers. Together, we can orchestrate resilient and sustainable supply chain solutions to meet their dynamic needs.”
Mr Zulkifli Bin Baharudin, Executive Chairman of ITL, said: “PSA’s acquisition of a strategic stake in SOTRANS represents confidence in ITL and is an opportunity for us to leverage on PSA's global network to maximise the growth potential of Vietnam's port and maritime industry.”