09:42 | 29/10/2015 Trade
The Saigon Union of Trading Cooperatives (Saigon Co.op) shared its ownership of the renowned sauce branded Nam Duong with Singapore’s Wilmar International Limited following the signing of a joint venture agreement on October 27.
Saigon Co.op and Wilmar signs a joint venture agreement on October 27 (Photo: VNA)
Saigon Co.op owns a 49 percent stake in the joint venture called the Nam Duong International Food Co. Ltd, while the rest is covered by Wilmar.
The Nam Duong company is expected to spend 577.2 billion VND (25.6 million USD) on building a sauce and seasoning factory at the Hiep Phuoc Industrial Park in Ho Chi Minh City’s Nha Be district.
Nam Duong, which appeared in local market in 1951, is a leading sauce and seasoning brand in Vietnam. Popular Nam Duong-labelled products like soya sauce, chili sauce and ketchup have been exported to many markets, including the US, Canada and Europe.
Saigon Co.op General Director Nguyen Thanh Nhan said his firm possesses the largest retail network in Vietnam and has an in-depth knowledge of consumer tastes. Meanwhile, Wilmar is experienced in global food production and distribution.
This cooperation will create a turning point in Vietnam’s consumer market, he noted, adding that the new joint venture’s sauce and seasoning products will satisfy international standards and be sold globally while maintaining their traditional flavours.
Ray Chew, Wilmar’s Country Head in Vietnam, Laos and Cambodia, said by optimising their strength, the two sides are able to promote the competitiveness and coverage of the brand Nam Duong and substantially contribute to the sauce and seasoning industry’s development./.