TOKYO, June 21 (Kyodo) — Nisshin Seifun Group Inc. and its group firm Nisshin Foods Inc. said Friday they will set up a subsidiary in the suburbs of Ho Chi Minh City, Vietnam, and build a local plant to produce retort foods including pasta sauce.
Nisshin Foods will take a 75 percent stake and Nisshin Seifun Group a stake of 25 percent in the subsidiary, Vietnam Nisshin Seifun Co., to build the new plant for 1.5 billion yen, which will start operations in the fall of next year.
The subsidiary will initially produce retort foods for the Japanese market and aim to develop markets in countries of the 10-member Association of Southeast Asian Nations in the future.
The ASEAN member states are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.