PepsiCo sells 51 percent stake in Vietnam business

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PepsiCo said Japanese beverage company Suntory Holdings Ltd will acquire a 51 percent equity stake in the company's beverage business in Vietnam.

Suntory and PepsiCo will hold key roles in the management of the new joint venture, in which the US beverage company will hold the remaining 49 percent stake.

PepsiCo said it would retain marketing and innovation responsibilities for its beverages, and continue to independently operate its food business in Vietnam.

PepsiCo and Suntory have worked together in the US, Japan and New Zealand, according to a press statement.

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