UPS Inc. said it has acquired Vietnamese delivery company VN Post Express’s 49% interest in the two companies’ express delivery joint venture.
UPS said it is now 100% wholly owned in Vietnam, allowing the company to “further expand our operation and grow in partnership with Vietnamese businesses.”
UPS started its Vietnam operation in 1994 and said last year its export volume grew by more than 20% in the country.
“With UPS now wholly owned in Vietnam, our customers in this growing market are better connected to the world through the UPS global network,” Brendan Canavan, president of UPS Asia Pacific, said in a statement.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.