Dainippon Ink and Chemicals Inc. said Monday it has set up a subsidiary to manufacture and market printing ink in Vietnam.

DIC Vietnam Ltd., capitalized at $1 million, will build a factory with an annual output capacity of 3,000 tons on the outskirts of Ho Chi Minh City with an eye to starting operations this fall.

Dainippon Ink decided to build the plant mainly due to growing demand for gravure ink used in the printing of food packages and daily-use commodities amid Vietnam’s buoyant economy, the company said.

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