FiinGroup completed commercial due diligence to support Toho Gas in its acquisition of Phuc Sang Minh Trade Engineering Services Joint Stock Company

01 December 2022 - 10:21 AM Alternate Text


FiinGroup is pleased to announce that on November 18th, 2022, its Client, Toho Gas Co., Ltd. (Japan) agreed to acquire a 40% stake in Phuc Sang Minh Trade Engineering Services JSC (PSE).

FiinGroup acted as the exclusive commercial due diligence advisor to Toho Gas on the transaction.

PSE has 16-year experience in gas equipment, and natural gas trading and is one of the leading private gas trading companies in terms of CNG market share in Vietnam. PSE is also the owner of Phuc Sang Minh Gas Engineering Co., Ltd. (JPS) which specializes in the design, construction, and installation of gas systems in industrial zones, buildings, commercial centers as well as gas distribution centers in Vietnam. 

Founded in 1922, Toho Gas is one of the leading gas companies in Japan, offering a broad business portfolio covering natural gas, LPG, and electricity. Toho Gas celebrated its centennial anniversary of the company’s establishment in June 2022.

The acquisition of PSE’s stake is Toho Gas’s first business entry in Vietnam. This aligns with the company’s vision of contributing to the realization of a low/zero-carbon emission society through expanding domestic and overseas energy-related businesses. 

Mr. Hiroyuki Ohnishi, Senior Manager of Business Development Department, Toho Gas, commented: “We appreciate FiinGroup team’s in-depth sector insights that support us in thoroughly understanding the local gas market, its growth potentials, the target’s market positioning as well as in making informed decisions in the transaction. Through PSE, Toho Gas would promote the cultivation of natural gas demand in Vietnam by leveraging our know-how and expertise accumulated through our past experience in promoting natural gas use.”

Mr. Dong Le, Managing Director and Head of Market Research & Consulting, FiinGroup, said: “We are delighted to have advised Toho Gas in the transaction. This transaction again showcases FiinGroup’s expertise in the natural gas sector and our ability to handle comprehensive commercial due diligence assignments for our foreign clients. We look forward to assisting more Japanese and other corporates with their business journeys in Vietnam. We expect PSE would continue its remarkable success story in the synergy with Toho Gas in the future.”


PSE is one of the leading private gas equipment and natural gas trading companies in Vietnam. It also provides design, construction, and installation services of gas systems in industrial zones, buildings, commercial centers as well as gas distribution centers throughout the country.


Toho Gas is one of Japan’s leading gas companies with a portfolio of 28 companies in energy and other related sectors. Its business operation expands in three prefectures in Japan, namely Mie, Gifu, and Aichi. They aim to build an energy system centered on gas (city gas/LPG), hydrogen, and electricity through extensive collaboration with stakeholders toward the realization of carbon neutrality.


FiinGroup is the leading firm in Vietnam providing financial information, business information, market research & consulting, and credit rating services and has been an associated company of Nikkei Inc. (Japan) since 2014.

The Market Research & Consulting Division (“FiinResearch”) provides high-quality independent research reports, commercial due diligence, and other consultancy services across major Southeast Asia markets in various sectors. In recent years, it has supported various foreign and local investors to successfully penetrate and/or expand their business in the Vietnam market.

For more information about FiinResearch’s market research and advisory services and how we can support, please contact our Client Advisor at +84 (24) 3562 6962/+84 (28) 3933 3586 or