[THE INVESTOR] CJ Group’s food distribution and catering subsidiary on June 20 announced that it will further broaden its business in Vietnam with local restaurant brand operator Golden Gate.
Golden Gate is the biggest restaurant franchise operator in Vietnam, managing 20 different brands and over 250 franchise outlets, including Korean restaurants like Gogi House and K-pub. CJ Freshway and Golden Gate said they will launch a new business together under the theme “K-Food Culture.”
“Through this MOU with Golden Gate, we will be able to establish a food distribution network in Hanoi and also expand our business in other parts of Vietnam,” a CJ Freshway official said in a statement.
From 2016, CJ Freshway has been supplying food materials to Golden Gate’s key restaurant franchises. CJ also promised that it will increase the volume of meat supplies to support the Vietnamese firm’s business better. The Korean company currently supplies meat worth 10 billion won (US$8.82 million) annually.
CJ Freshway entered the Vietnamese catering market in 2012 hoping to broaden its business in the Southeast Asian market. In May last year it started construction of a food logistics center near Ho Chi Minh and started test operations from the beginning of this year. Moreover, in May, CJ Freshway also signed a deal with Vietnamese sandwich franchise operator Viette Banh Mi to supply food materials worth 2 billion won annually.
By Song Seung-hyun (email@example.com)