ROK food firm Jooan Holdings sets foot in Vietnam

Targeting the potential food manufacturing and distribution sector in Vietnam, Jooan Holdings Corporation from the Republic of Korea (ROK) has decided to established a branch in Hanoi before establishing a $1.2 million food manufacturing and processing plant in Vietnam.

rok food firm jooan holdings sets foot in vietnam hinh 0
Jooan Holdings Corporation makes its move after long market research
The launching ceremony was organised this morning and the branch is named Jooan Foods Corporation.

“Before deciding to open the branch in Vietnam, Jooan Holdings Corporation spent a long time studying the food market, the eating habits as well as the taste of customers in Vietnam. We see great opportunities to develop in Vietnam,” said Yi Sanghoon, CEO of the head office of Jooan Foods Corporation.

Foreign investors find the food sector attractive, especially ROK firms like CJ and Daesang that acquired domestic food firms to consolidate their presence in Vietnam.

In order to compete with the existing competitors, including ROK firms in the market, the company will focus on the quality of the products instead of their prices.

Besides, the company will study and pioneer supplying new products. Thus, customers will find numerous products that are totally new to the Vietnamese market among the company’s products.

In the framework of the launching ceremony, Jooan Foods Corporation and HT Food Co., Ltd. signed a memorandum of understanding (MoU) to co-operate in the food distribution sector in Vietnam.

“After two years of studying the distribution of ROK foodstuff in Vietnam, we met Jooan Holdings Corporation whose products we found to match the taste of Vietnamese consumers. After seeing the modern technology lines at Jooan’s plants in ROK with our own eyes, we decided to co-operate with the firm,” said Nguyen Thi Thu Ha, deputy general director of HT Food Co., Ltd.

Within six months after establishing the branch in Vietnam, the company plans to enter into a co-operation with T&T 159 Food JSC to build a food manufacturing and processing plant in Vietnam.

The plant will manufacture products according to the orders of the company’s partners. The plant’s products will be exported to ROK and other countries. The initial investment capital of the plant is expected to reach $1.2 million.

VIR

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