Saigon Nutri-food JSC, a wholly owned subsidiary of Masan Consumer Corporation - one of Vietnam’s largest branded food and beverage companies, has just formed a strategic partnership with Jinju Ham Limited, a leading Korean branded processed meat company.
This was announced today by Masan Consumer, a subsidiary of Masan Group - one of Vietnam’s largest private sector companies.
Accordingly, Jinju Ham has acquired a 25 per cent stake in Saigon Nutri-food JSC (SNF) via a primary issuance. The entity will be renamed Masan Jinju.
The strategic partnership will create significant synergies that will ultimately benefit Vietnamese consumers: combining Jinju Ham’s cutting-edge know-how with Masan’s deep understanding of Vietnamese consumers and brand building capabilities.
“Our aim is to improve Vietnamese consumer’s meat experience by providing innovating and delicious products. We will not only develop products that are delicious, but will focus on nutrition and affordability,” said Truong Cong Thang, chairman and CEO of Masan Consumer.
“This partnership aligns with our mission to enhance the daily physical and spiritual lives of 90 million Vietnamese consumers. I look forward to partnering with Jinju to transform the processed meat segment and deliver on our mission in the near future,” Thang added.
In the words of Park Jungjin, CEO of Jinju Ham, Vietnam’s processed meat market has the same dynamics as Korea and China 20 years ago. This segment is in an early phase of development, contributing less than 1 per cent to the overall meat market.
“We believe that synergizing our respective platforms will enable Masan-Jinju to drive the process meat contribution to 20-50 per cent over the long-term, similar to China and Korea today, respectively. Our objective is to be at the forefront of this transformation and build a championship position over the course of the next five years,” said Jungjin.
New innovations under this strategic partnership are expected to launch in the second half of 2018.
Jinju Ham, established in 1963, is the oldest sausage producer in South Korea with market leading positions in the sausage and home meal replacement segments. The company has over 30 years of experience in the processed meat market and has developed best-in-class R&D and technological know-how.
Masan Consumer boasts its market leadership in large consumer categories such as seasonings, convenience food, and beverages.
Masan Consumer’s portfolio includes some of Vietnam’s most trusted and loved brands such as Chin-su, Nam Ngu, Tam Thai Tu, Omachi, Kokomi, Heo Cao Boi, Vinacafé, Wake-Up, Vinh Hao, and Quang Hanh.
Source: http://www.vir.com.vn