Japan’s Canon has underscored the trend in the footsteps of Lotte, Shiseido, Aeon and Sojitz.
Canon Marketing Vietnam (CMV), Canon’s new sales company, would handle a range of Canon products and take over the import activity belonging to Le Bao Minh, Canon’s authorised distributor in Vietnam, said Noriji Yoshida, general director of CMV.
Canon operates four manufacturing plants in Vietnam and some printer product models manufactured by Canon in Vietnam are sold locally.
With the establishment of its sales company in Vietnam, Canon had set up revenue targets to hit $500 million by 2016 and take the top market position in all major products in Vietnam, said Yoshida.
“Demand in Vietnam is expected to increase while demand within the consumer product segment is expected to grow to an even greater extent. Also, within the camera market in Vietnam, there is believed to be a “gray market” that is several times larger than the official market. With the establishment of the new marketing company, we aim to tackle this segment,” stated CMV.
At the beginning of this year, two other Japan-based companies of Sojitz and Kokubu acquired a majority stake of Huong Thuy JSC, a Vietnamese retailer, which providing food and beverage to around 40,000 stores nationwide.
Sojitz added more 25.99 per cent stake of Huong Thuy to raise its total stake by 51 per cent, while Kokubu acquired another 19 per cent stake.
Sojitz has planned to increase Huong Thuy’s revenue from ¥4 billion in 2011 to ¥20 billion in 2016 (around $260 million) by combining Huong Thuy’s distribution system and food processing technology of Kokubu.
Ho Chi Minh City Department of Planning and Investment has just announced to receive the application of Lotte Vietnam Shopping, an affiliate of Korea-based Lotte, to be a 100 per cent foreign funded company.
According to the application, Lotte Vietnam would buy the remaining 20 per cent, valued at $13 million, from Vietnam-based Minh Van Co. The application is under consideration.
Moreover, Aeon group from Japan also received the investment certification to build up a $100 million shopping centre in Ho Chi Minh City and $95 million shopping centre in Binh Duong.