Nichirei's interest lies in fostering production and sales in Sotheast Asia. (Photo: Cholimex Food/FIS)
Leading Japanese seafood and processed food maker Nichirei Corp has entered into a capital association with Vietnamese food company Cholimex Food JSC.
Nichirei's subsidiary, Nichirei Foods Co, Ltd, has acquired 19 per cent of Cholimex's equity for USD 6.25 million and will provide it with frozen food manufacturing and other technologies.
Nichirei wants to eventually increase the ratio of equity investment in its Vietnamese partner in an attempt to foster it as a base of production and sales in Southeast Asia, Nihon Keizai Shimbun reports.
For the long term, Nichirei hopes to get a foothold in Asia’s frozen food market, where the potential of growth is high. Nichirei’s is the first attempt by a major Japanese frozen food maker to set up shop in Vietnam. (More Info)