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PSA International acquires stake in Vietnam logistics provider SOTRANS GroupPSA International acquires stake in Vietnam logistics provider SOTRANS Group

PSA International has acquired a strategic minority stake in Vietnam’s SOTRANS Group (STG) from Indo-Trans Logistics (ITL).

Michele Labrut, Americas Correspondent

May 25, 2023

1 Min Read
A security gatehouse in front of a Sotrans warehouse
Sotrans

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.”

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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.”

About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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