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Biz News Korea(Eng)
S. Korea’s CJ CheilJedang aims to seize Vietnamese processed food market
- Collected
- 2017.04.01
- Distributed
- 2017.04.03
- Source
- Go Direct
Last week, the South Korean company partially paid for a 64.9 percent stake in Minh Dat Food that it agreed to buy at 15 billion won ($13.40 million) in November and it is expected to close the deal by the end of April.
Minh Dat Food is a food company that produces processed meatballs using beef and fish balls, commanding the largest market share in the Vietnamese processed food industry with sales of 13 billion won for full 2016.
After its acquisition, CJ CheilJedang plans to sell its ready-to-eat meat products including meatballs through Minh Dat Food in the Southeast Asian country. Entering the market through the well-known local company is expected to help significantly reduce potential business risks that the Korean food maker could face with its own brand. It plans to introduce new products specifically tailored to the Vietnamese palate after it completes the acquisition.
CJ CheilJedang pins high hopes on Minh Dat Food as processed meat is very popular in the Southeast Asian country. Meatballs and fish balls, Vietnamese traditional foods, are the mainstay of the classic Vietnamese dishes, and the related market shows stable growth every year.
Following the acquisition, CJ CheilJedang also aims to promote Korean food beyond Vietnam which will serve as a hub for expansion across Southeast Asia.
By Lee Hee-soo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]