Friday, December 15 2017

VietNamNews

Korean CJ Group records high VN growth

Update: April, 01/2017 - 10:33
CJ began investing in Việt Nam in 1998 and has established a presence in various fields. — Photo baodautu.vn

HÀ NỘI -  South Korean conglomerate CJ Group experienced significant yearly growth of more than 30 per cent in Việt Nam in 2016.

Last year, CJ earned over VNĐ17 trillion (US$750 million) in revenue and VNĐ834 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, Cầu Tre and Minh Đạt. It also invested VNĐ1.2 trillion in developing a food processing complex in HCM City’s Hiệp Phước 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 Hà 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.

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