Masan Consumer Corp., a unit of Vietnamese packaged-meat producer Masan Group Corp., has entered a strategic partnership with South Korean processed meat company Jinju Ham Co. Ltd. to develop and market new meat products in Vietnam.
As part of the deal, Jinju Ham took a 25% stake in Saigon Nutri-food JSC, a unit of Masan Consumer, according to a July 2 announcement. Saigon Nutri-food will be renamed Masan-Jinju.
Financial terms were not disclosed.
The partnership will combine Jinju Ham's expertise in processed meats with Masan's understanding of Vietnamese consumers, as well as its brand-building capabilities.
"We believe that synergizing our respective platforms will enable Masan-Jinju to drive the process meat contribution to 20%-50% over the long-term, similar to China and Korea today, respectively," Jinju Ham CEO Park Jungjin said in a statement.
New products under the partnership are expected to launch in the second half of the year.