HA NOI – Nichirei Foods of Japan Nichirei Corporation has entered the Vietnamese processed food market by taking a 19 per cent of share of Viet Nam's food joint stock company Cholimex, a Vietnam News Agency report said.
With the share worth US$6.25 million Nichirei Foods said it planned to lead the Viet Nam processed food market in due course, the report said.
Viet Nam's trade in frozen food remained at $125 million, Thailand's was about $312 million while Japan's was $10.3 billion.
Cholimex is one of Viet Nam's biggest providers of spices and an exporter of frozen food to Europe. The company's turnover is around $25 million a year with an average annual growth rate of 30 per cent.
The report said Nichirei Foods planned to send technical staff to help Cholimex diversify its frozen food products.
If everything ran well the Japanese company would increase its investment in Cholimex in two years and build a Southeast Asian processing plant in the country, the report said.
Nichirei Foods' main products were frozen foods, products from the fruit acerola and retort-pouch foods. A retort pouch is a type of food packaging created by aseptic processing, made from multiple layers of flexible laminate. – VNS