Korea's leading food and entertainment conglomerate CJ Group said Sunday it will ramp up efforts to boost its presence in Vietnam, one of the fast-growing economies in Southeast Asia.
The plan came at a meeting of chief executives of all its subsidiaries presided over by CJ Group head Lee Jay-hyun last week in Ho Chi Minh city, a group official said.
"Vietnam is an attractive market for CJ as the country has a young population with its economic growth rate hovering above 7 percent," Lee was quoted as saying. "CJ should focus its efforts on tapping overseas markets, on which the group's future hinges."
CJ Group has a range of business operations in Vietnam, including bakeries, home shopping, distribution and animal feed.
The group said it plans to push ahead with cultural content business in the country, which involves the manufacture and distribution of broadcasting programs and movies.
CJ Group opened its first representative office in Vietnam in 1996 before building an animal feed plant in 2001 and entering the bakery market in the country in 2007.
CJ O Shopping Co., the group's home shopping arm, opened a TV shopping joint venture in Vietnam last year, which offers a 24-hour service in Ho Chi Minh and three other cities in the country. (Yonhap)