Azelis expands in Vietnam

Azelis expands market presence in Vietnam with acquisition

Azelis has acquired a majority stake in MKVN Chemicals Co., Ltd. and Viet Chemicals Trading and Service Company Limited through their parent company Bellekimia Singapore Pte. Ltd. Both companies are active in personal care, industrial chemicals, agro and food segments as well as supply chain solutions. 

This transaction is consistent with Azelis’ corporate strategy of complementing organic growth with strategic acquisitions.

Founded in 2000 and with offices in Hanoi and Ho Chi Minh, MKVN Co., Ltd. and Viet Chemicals have a strong reputation in Vietnam, serving first-class international principals and 700 customers.

Strong market presence and local know-how will significantly increase Azelis’ presence in Vietnam allowing for significant portfolio expansion through lateral integration. 

Azelis has been active in Vietnam since 2015. Vietnam is the 15th most populated country in the world with a very young workforce, increasing purchasing power and growing access to premium products.

Kamal Hezry Kassim, managing director of MKVN Co., Ltd. And Viet Chemi Co., Ltd., will continue to manage the business and will report to Azelis Asia Pacific CEO and President Laurent Nataf.

“Growth in Asia Pacific has been one of the strategic priorities for Azelis. By strengthening our presence in Vietnam, we will gain better coverage in the entire region which is key for us to attract new mandates with our existing principals. Azelis and our new partners MKVN Co., Ltd. and Viet Chemicals have highly complementary business models which will help us diversify our product portfolio significantly,” Nataf said.

”We are very excited about this partnership for several reasons. Firstly, becoming part of such a highly regarded, international player will not only provide continuity and security for our company but also additional expertise, infrastructure and growth opportunities. Secondly, we will benefit greatly from Azelis’ sustainability reputation and EcoVadis Gold rating, which are both important criteria for customers and corporate principals alike in Southeast Asia. Thirdly, there is an excellent fit between our strong technical focus on one side and Azelis’ ability to offer innovative solutions to the market on the other. In short, joining forces with Azelis will bring great synergies not only for both companies but also will be beneficial for our principals and customers alike,” said Kassim.