Japan’s multi-sector business Sojitz Corporation and its subsidiaries Sojitz Asia Pte. Ltd. and Sojitz Vietnam Company Ltd. have acquired the full ownership at Dai Tan Viet JSC (New Viet Dairy), a major food wholesaler in Vietnam.
In a Wednesday announcement, Sojitz said it would leverage the customer network of New Viet Dairy and Huong Thuy Manufacture Service Trading Corporation, another subsidiary of Sojitz, to create a broadline wholesale food distribution business that supplies independently owned retail stores, mass merchandisers, and mid- to high-end hotels and restaurants.
Sojitz will utilize New Viet Dairy’s sales network to promote sales of marine food products of MF Vietnam Ltd, under Sojitz subsidiary The Marine Foods Corporation. Sojitz will continue to pursue synergy with Sojitz Group businesses to strengthen its value chains in Vietnam, the Japanese giant noted.
Vietnam has been one of Sojitz’s most important markets. In recent years, Sojitz has been building value chains for manufacturing, logistics, and retail industries in the country to meet the rapid expansion of supermarkets, convenience stores, and other modernized retail stores.
The Vietnamese firm's portfolio includes 2,000 products for nearly 6,000 mid- to high-end luxury hotels and restaurants and approximately 100 suppliers in Vietnam and overseas. It recorded a revenue of $320 million in Vietnam last year.
With the rise in middle class consumers, Vietnam’s dairy products market is expected to grow to approximately $8.4 billion with an average annual growth rate exceeding 8%, Sojitz highlighted, expecting to leverage New Viet Dairy's strengths. It boasts a 40% market share, the top one in the country, Sojitz emphasized.
New Viet Dairy is also one of the country’s largest handlers of beef, cheese, and other food products that have increased in demand due to diversifying needs from an evolving food culture, Sojitz stated.