Japan’s Matsumotokiyoshi to form joint venture with Vietnam’s Lotus in Feb.
HO CHI MINH CITY, NNA - Drug store operator Matsumotokiyoshi Holdings Co. plans to form a joint venture with Lotus Food Group Joint Stock Co. in mid-February in a bid to accelerate its store network operations outside Japan.
The Tokyo-based firm said Wednesday in a statement that it will sign the JV agreement later this month to establish Matsumoto Kiyoshi Vietnam Joint Stock Co. in Ho Chi Minh City, the country’s commercial capital.
They signed a basic agreement on joint store operation in July but have not yet disclosed the location and timing of a first store opening in the Southeast Asian nation.
Capitalized with 31.5 billion dong ($1.36 million), the local unit is 51 percent owned by Matsumotokiyoshi, 48.87 percent by Lotus Food Group, and 0.13 percent by Le Van May, president and CEO of the local partner.
The Vietnamese group engages in food manufacturing, trading, and dining chain operations, including those with Japanese brands such as Curry House CoCo Ichibanya and udon noodles of Marugame Seimen.
Besides over 1,600 stores at home, the Tokyo-listed major drug and cosmetics retailer has launched store networks in Thailand and Taiwan.