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South Korea’s Daesang bids to buy Vietnam food processor for $33 mln

The deal is expected to be done at the beginning of August.

News that Daesang Cooperation intends to expand its operations in Vietnam by buying a Vietnamese food processor appeared in South Korean press at the end of June.

Reuters quoted Daesang as saying that it will buy a 99.99 percent stake (13 million shares) in Duc Viet Food Joint Stock Company for 37.52 billion won ($33 million) by August 5.

Talking with VnExpress, a representative from the Vietnamese company claimed that they are in negotiations and have yet to reach a final decision.

Duc Viet Food is one of Vietnam’s leading food processing firms. A report from Deasang said that last year, Duc Viet had total assets of 16 billion won ($14 million) and liabilities of 7 billion won ($6 million).

The South Korean food manufacturer first entered the Vietnamese market in the 1990s and has bought three manufacturing bases in Vietnam since then.

Deasang expects the deal to act as a base for it to expand its business activities to other Southeast Asian countries such as Thailand, Cambodia and Indonesia.

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