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Looks like the Aboitiz Group is betting that its next growth story may come from across the West Philippine Sea.
During Vietnamese President To Lam’s state visit to Manila, top Aboitiz executives sat down with the visiting leader to discuss expanding cooperation in energy, food security and infrastructure—three sectors where the conglomerate already has a foothold in Vietnam.
The meeting offered a glimpse of where Aboitiz sees future opportunities. Through its food unit, the group has been operating in Vietnam since 2014 and recently strengthened its presence with a $45-million feed mill in Long An Province capable of producing 300,000 metric tons of animal feed annually.
Energy may be the bigger prize. AboitizPower Corp. recently entered Vietnam’s power sector through a planned 25-percent stake in Van Phong Power Company, owner of a 1,320-megawatt coal-fired power plant. The investment is still awaiting regulatory approval, but executives made it clear they are eyeing more opportunities in coal, gas and renewable energy as Vietnam’s electricity demand continues to rise.
