Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has established a company to help Vietnamese people design and build their homes with less time and effort by bringing together related service providers and building materials under one digital roof.
The new company, MVC & Co Limited Liability Company ("MVC"), will integrate and manage efficiently more than 100 different house building decisions including selecting construction companies and providers of building materials and other services.
Mr. Wakabayashi, General Director of Mitsui & Co. Vietnam Ltd., said: "After investing in and developing businesses in Vietnam for many years, Mitsui has accumulated a deep understanding of the market and its large customer base. Through MVC, we are combining this knowledge and experience with innovative digital technology to create a unique business model that will simplify the complicated process of building a house in Vietnam. It is an online management tool that integrates many important housebuilding activities, increasing efficiency in planning and managing the risk of cost-overruns, project scheduling, and building quality. In this way, we hope to make a meaningful contribution to improving living standards for people in Vietnam."
Leading Vietnam internet company VCCorp Corporation is helping MVC develop the digital platform. Its chairman, Mr. Vuong Vu Thang, said: We are delighted to work with Mitsui to support the development of MVC's digital platform as one of their main local business partners. We believe this initiative is important to Vietnam and has the potential to transform the home development and construction industry."
The housing construction market in Vietnam is expected to grow to more than USD 30 billion (¥4 trillion) by 2030. In Vietnam, home owners are forced to coordinate their own housebuilding, selecting the appropriate materials, finding the right service providers, managing the schedule and supervising quality, often leading to cost overruns, delays and inconsistent standards due to inexperience and lack of knowledge.
The MVC platform allows home owners to consolidate many of these essential decisions using objective and independent assessments and recommendations of service providers. The company plans to further develop the offering with business partners to create a 'one-stop shop' including comparative assessment of building materials as well as services such as procurement of building materials, repairs, and renovation.
The initiative aligns with Mitsui's strategic imperative for "Wellness Ecosystem Creation" under its Medium-term Management Plan 2026 and combines Business-to-Business and Business-to-Consumer models to create a Business-to-Business-to-Consumer (B2B2C) model that ensures consumer needs and behaviour patterns are reflected.
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Enhance quality of life”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity