More Saigon beer products are expected to be shipped to the US, following the takeover of the US distributor Heritage Beverage. File photo
Ho Chi Minh City-based Saigon Asset Management Corporation has struck a deal to acquire Heritage Beverage, the sole distributor of the popular Saigon beer in Canada and the US, local media reported Wednesday.
The acquisition will allow the privately-owned investment manager to boost exports of Vietnamese beer products into the countries, Louis Nguyen, CEO of the company, was quoted as saying in news website VnExpress.
The deal's value was not revealed.
Founded in 2007, Saigon Asset Management Corporation now manages two funds -- Vietnam Equity Holding and Vietnam Property Holding, the website reported.
The funds have invested more than US$250 million in more than 45 companies and projects across Vietnam, mainly in the sectors of food and beverage, education, technology and health care. Their portfolios also include private companies in the US.
Headquartered in California's Beverly Hills, Heritage Beverage was established in 1994 to import and distribute the products of Sabeco, now Vietnam's largest brewer, according to VnExpress. Best sellers of Sabeco include 333, the red Saigon Export and the green Saigon Special.