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Kingsoft to form JV company in Vietnam

Posted: 13 Jun 2008 ?? ?Print Version ?Bookmark and Share

Keywords:Vietnam joint venture? China? software?

China software developer Kingsoft Corp. has entered into an agreement with two Vietnamese parties to form a joint venture company in Vietnam.

The joint venture company, Kim Quang Software and Technology Joint Stock Company, will be headquartered in Hanoi, Vietnam. The company will manufacture, process and distribute Kingsoft's software, including Kingsoft Office, Kingsoft Internet Security and other software. The JV firm will also design, manufacture and supply the products and value added services for mobile and information technology; and act as an agent for Kingsoft's Internet service.

Kingsoft will invest $199,000 in the joint venture for a shareholding of 19.9 percent. Its two Vietnamese partners, Quang Minh DEC Communications and Technology Joint Stock Company and Mr. Phan Dang Khoas, will invest $500,000 and $301,000 for a 50 percent and 30.1 percent shareholding in the joint venture respectively.

Kau Pak Kwan, chairman and CEO of Kingsoft, said, "It is our pleasure to have reached a joint venture agreement with Quang Minh DEC and Mr. Phan. Vietnam is one of our most successful overseas markets. We believe the joint venture will be able to further extend Kingsoft's business scope in this exciting emerging market and further strengthen our leading position in the industry."

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