Singapore’s Wilmar International Limited announced Tuesday it is setting up a joint-venture company with Vietnamese retailer Saigon Co-op to produce the famous Nam Duong brand of sauces and condiments.
Wilmar will own a 51 percent stake in Nam Duong International Foodstuff Corporation, and the Vietnamese company, which runs the Coopmart supermarket chain, the rest.
A new factory will be built in the Hiep Phuoc Industrial Park in Ho Chi Minh City to take over production from Saigon Co-op's current Nam Duong factory.
Founded in 1951 and acquired by Saigon Co-op in the 1970s, Nam Duong is one of the leading sauce and condiment brands in Vietnam. Its soy sauces, chili sauces and tomato sauces have also been exported to Canada, the EU and the US.