April 26, 2024

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[THE INVESTOR] CJ Group’s food affiliates CJ CheilJedang and CJ Freshway on Sept. 12 have signed a memorandum of understanding with Vietnamese state-run retail giant Saigon Trading Group, in a move to expand its business in the country.

Under the agreement, food manufacturer CJ CheilJedang will set up a special store CJZone inside Satra’s retail outlets to sell its processed food products. CJ, in cooperation with Satra, will develop various sauces and other new products tailored to meet local tastes. 

“The cooperation with Satra is expected to serve as a foundation for CJ CheilJedang’s food business to grow in Vietnam,” Kim Chul-ha, CEO of CJ CheilJedang said.

Meanwhile, CJ Freshway will supply Korean fruits to the retail giant’s supermarket chains in the country.

It is also planning on developing pre-cleaned, frozen vegetable products, such as carrot, onion, broccoli, with SATRA’s affiliate and export back to Korea and other countries including Japan.

Satra, established in 1995, is managed by Ho Chi Minh City. It currently operates 90 outlets in the country, including supermarkets and convenience stores.

The company posted 2.3 trillion won (US$2.07 billion) in sales last year.

By Ahn Sung-mi (sahn@heraldcorp.com)