Businesses in Vietnam continue to expand their operations. Two F&B companies, Vinamilk and Kido, have secured the approval to set up a joint venture while Woowa Brothers’ food delivery platform Baemin is expanding to another city.
Vinamilk, Kido set up beverage joint venture
Vietnamese consumer goods firm Kido Group has reached a joint venture agreement with dairy products company Vinamilk to expand its beverage and ice-cream business, according to an announcement.
Vinamilk, Vietnam’s fourth-largest company by market capitalisation, will hold 51 per cent in the JV while Kido will hold the balance.
The new business will produce trade beverages, excluding carbonated drinks, ice-cream and frozen foods.
Kido also said it will re-enter the snack market after its agreement with US-based confectionery firm Mondelez that it would not operate in the same market within five years expires.
The Oreo-maker acquired 80 per cent shares of Kido for $370 million in 2014 and completed the full acquisition in 2015, which resulted in the said agreement.
With this comeback, which is slated for commercial trade in Q3 2020, Kido will operate four businesses of vegetable oil, frozen foods, beverages and snacks.
Woowa Brothers-backed Baemin app expands to Hanoi
Baemin, the food delivery business of South Korean unicorn Woowa Brothers, has expanded to the Hanoi a year after its foray into Ho Chi Minh City.
The company claims it has had tens of thousands of deliverymen in the southeast Asian country to date. It has launched Baemin Kitchen to take on “super app” Grab, as well as Baemin Di Cho – an online grocery service.
In Vietnam, Woowa Brothers acquired Vietnammm, the local unit of Dutch company Takeaway.com, in 2019. Before that, Vietnammm had purchased the Vietnam business of Rocket Internet-backed Foodpanda.