Sojitz Invests in Digital Farming Platform Startup in Vietnam
－Contributing to the Vietnamese Government’s Vision for Smart Industry in the Country－
Feb. 27, 2020
Sojitz Corporation (“Sojitz”) has acquired stake in RYNAN Holdings Joint Stock Company (“RYNAN”), an agri-tech startup in Vietnam, via third party allotment of shares.
RYNAN works in the agricultural sector to improve productivity and provide environmental solutions, with involvement in everything from the development of software for IoT and AI services to the manufacture of hardware devices. Specifically, RYNAN offers an app-based system for procuring agricultural supplies, as well as for monitoring crop cultivation and managing water systems. The startup also provides training for farmers on how to reduce greenhouse gas emissions. Partnering with Vietnam’s Ministry of Agriculture and Rural Development (MARD), RYNAN is currently promoting smart agricultural techniques for growing rice, which is one of the country’s main crops. RYNAN also provides devices such as smart water meters and sensors to detect water leaks, as well as management systems that are utilized by major water companies like Saigon Water Corporation (SAWACO) and in water monitoring systems for shrimp farming.
[Concept Image of Smart Farming Platform]
Sojitz has over 20 years of experience in Vietnam through its operation of Japan Vietnam Fertilizer Co., a consolidated subsidiary and one of Vietnam’s largest fertilizer companies. Sojitz has subsequently gained expertise in Vietnam’s farming industry and built an expansive network in the country. In 2018, Sojitz also formed a strategic alliance with the Pan Group, a major agriculture and food company listed on Vietnam’s stock exchange, in order to develop businesses in the agriculture sector further.
With this investment in RYNAN, Sojitz will utilize its existing network both in Vietnam and overseas to expand the farming platform’s business, in addition to paving the way for the fourth industrial revolution (“Industry 4.0”) and contributing to the Vietnamese government’s vision to adopt advanced, smart technologies in priority sectors.
= Related Information =
Company Overview – RYNAN Holdings Joint Stock Company
|Location||Trà Vinh Province, Vietnam
(Located 3 hours southwest of Ho Chi Minh by car)
|Representative Director||Thanh My Nguyen (Chairman）|
|Main Business||Holding company for three businesses
・Business for the development, manufacture, and sale of IoT devices and other devices and software
・Business for the development, manufacture, and sale of slow-release fertilizer
・Business for the development, manufacture, and sale of lidding films and packaging