Nichirei Foods, a subsidiary of Japan’s
Nichirei Group, has joint-ventured with HCM City’s Cholimex Food JSC to
penetrate the Vietnamese market.
Nichirei
Foods has already bought 19 per cent of the Vietnamese company’s stock, costing
JPY500 million ($6.25 million).
Cholimex
is one of big companies in Vietnam, providing spicy products to domestic market
and exporting frozen food to the Europe Union. It earns just $25 million in
revenue a year, but obtains an annual growth rate of 30 per cent.
In the
coming time, Nichirei Foods will send its technicians to Cholimex to transfer
technology and diversify frozen food in Vietnam.
If the
cooperation model succeeds, the Japanese company will increase its capital in
Cholimex in the next two years to turn Vietnam into a key production base in
the Southeast Asian region.
Earnings
from Vietnam’s frozen food manufacturing fetch $125 million, one third of
Thailand’s figure ($312 million), and far below Japan’s figure ($10.3 billion).
VOV
Business & Investment Opportunities
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