PSA International Pte Ltd (PSA) has acquired a strategic minority stake in SOTRANS Group (STG) from Indo-Trans Logistics (ITL).
STG, a logistics provider in Vietnam, operates through three subsidiary firms, specialising in ports/inland container depots (ICDs) and barging, freight forwarding and contract logistics, and transportation of heavy lift and project cargo.
The collaboration between PSA and ITL capitalises on STG’s local expertise in logistics, ports, barging, and project cargo, combined with PSA’s extensive global network encompassing deep-sea, rail, and inland terminals.
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PSA announced it will contribute with its affiliated businesses in distriparks, warehouses, logistics, and marine services, as well as a comprehensive suite of digital solutions and expertise in end-to-end supply chain services.
“This latest venture into Vietnam strengthens our network in the region and is in line with our aspiration to be a global supply chain orchestrator and enabler of sustainable trade,” said Tan Chong Meng, Group CEO of PSA International.
“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.”
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“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,” added Zulkifli Bin Baharudin, Executive Chairman of ITL.
Earlier this month, PSA BDP launched Risk Monitor, a risk-monitoring digital product to help shippers manage disruptions in international trade.
The tool is an add-on feature to Smart Navigator, a digital platform that uses data analysis to provide real-time supply chain visibility.