Masan Consumer Corporation announced that Saigon Nutri-food Joint Stock Company (SNF), its wholly-owned subsidiary, has formed a strategic partnership with Jinju Ham Co., Ltd (Jinju Ham), a leading Korean-branded processed meat company.
Accordingly, Jinju Ham has acquired a 25- per cent stake in SNF via a primary issuance and SNF will be renamed “Masan Jinju”.
Jinju Ham, established in 1963, is the oldest sausage producer in Korea with market leading positions in the sausage and home meal replacement segments.
Jinju Ham has over 30 years of experience in the processed meat market and has developed best-in-class R&D and technological know-how.
Park Jungjin, CEO of Jinju Ham, said, “Vietnam’s processed meat market has the same dynamics as Korea and China in 20 years ago. This segment is in its early phase of development, contributing less than one percent to the overall meat market.”
“We believe that synergizing our respective platforms will enable Masan-Jinju to drive the process meat contribution to 20 per cent – 50 per cent over the long-term, similar to China and Korea today, respectively. Our objective is to be at the forefront of this transformation and build a championship position over the course of the next five years,” Park added.
Truong Cong Thang - Chairman and CEO of Masan Consumer Corporation, said “Our aim is to improve Vietnamese consumer’s meat experience by providing innovating and delicious products. This partnership aligns with our mission to enhance the daily physical and spiritual lives of 90 million Vietnamese consumers.”
New innovations under this strategic partnership are expected to launch in the second half of 2018.
Earlier in February 2018, Masan Nutri-Science (MNS), a member of Masan Group kicked off its meat processing complex in the Dong Van VI Industrial Park, Kim Bang district, Ha Nam province. The 10-ha project has a total investment of more than VND1 trillion (US$44.1 million). Once completed, it will have an annual capacity of 140,000 tons of pork.
The complex will use Danish technology and provide the chilled pork to the market by the end of 2018. The chilled pork is stored and distributed in a warehouse and kept cold at 0-4°C during transportation to preserve the natural flavor of pork. The expiry date of chilled pork is five days.
The amount of 140,000 tons of pork per year in the MNS project is equivalent to only about 5 per cent of the total pork quantity supplied to the country’s market today.
Currently, MNS is operating a hi-tech pig farm in Nghe An province with a total of 250,000 pigs per year. This year, Masan will coordinate with Ha Nam province to expand the standard big farms to Binh Luc district and neighboring areas. These moves indicate MNS’s ambition to control the supply of pork in the market in the future.
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