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Sumitomo taps logistics demand as production shifts to Vietnam

Japanese trading house invests in local port operator amid US-China trade war

The U.S.-China trade war has boosted container exports out of Vietnam.

TOKYO -- Japanese trading house Sumitomo has invested in a major Vietnamese port operator, aiming to seize growing demand for logistics services as manufacturers shift production to the Southeast Asian country amid the yearlong U.S.-China trade war.

Sumitomo teamed up with compatriot logistics company Suzuyo and a Japanese public-private fund specializing in infrastructure investment to take a 10% interest in Ho Chi Minh-based Gemadept. The trading house provided more than half of the roughly 4 billion yen ($37 million) the team paid to a local fund for the stake.

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