CJ records high growth in Viet Nam

Thursday, Mar 30, 2017 14:05

CJ began investing in Viet Nam in 1998 and has established a presence in various fields. — Photo baodautu.vn

South Korean conglomerate CJ Group experienced significant yearly growth of more than 30 per cent in Viet Nam in 2016.

Last year, CJ earned over VND17 trillion (US$750 million) in revenue and VND834 billion ($36.7 million) in pre-tax profit, the company said in its statement.

Animal feed recorded the highest revenue, followed by food production and entertainment, Chang Bok Sang, CEO of CJ Group Vietnam, told reporters.

Investment capital of $500 million that CJ promised for Viet Nam in 2016 was entirely disbursed, mostly towards entertainment, animal feed, food production and logistics, he said.

In 2016, the group acquired stake in three domestic food enterprises - Vissan, Cau Tre and Minh Dat. It also invested VND1.2 trillion in developing a food processing complex in HCM City’s Hiep Phuoc Industrial Zone. The complex comprises a food processing plant, a research and development centre, and a modern food safety centre.

The company also broke ground for its fifth factory producing animal feed in the northern province of Ha Nam. The plant is slated for completion in September.

This year, CJ will continue to seek cooperation opportunities with outstanding Vietnamese firms, participating in local enterprises’ privatisation while following its M&A strategy. The group will also focus on human resource training and activities for Creating Shared Value or CSV.

CJ began investing in Viet Nam in 1998 and has established a presence in various fields. The group plans to make Viet Nam its third largest investment destination by 2020, following South Korea and China. — VNS

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