's content and marketing arm CJ E&M has partnered with Vietnam-based agency Blue Group to form a joint venture named CJ Blue, with the aim of boosting cooperation in media, advertising, events and cinema, Campaign Asia reported, without specifying financial details.
“Vietnam has great potential in cultural and entertainment content,” said Kim Sung Su, CEO of CJ E&M in a statement. “With CJ Blue, we can provide leading human resources and creative services to customers and interesting entertaining programs.”
Established in 2007, Blue Group is a multimedia agency with strong interests in advertising and communications. It owns a group of five companies including Blue Ocean, Aquablue, BlueLight and Indolink.
The deal should help CJ Group strengthen its media vertical, said Tarun Dhawan, founder of Vietnam-based Moblaze.
“Blue Group has verticals in media, content and events. This should help CJ Group in-source to Blue Group services it would otherwise outsource to other agencies when it comes to promoting their own brand,” added Dhawan.
The Vietnamese are fond of Korean popular culture, including K-pop, Korean dramas, fashion and food. “This investment may help strengthen Korea’s position in the TV content space,” Dhawan noted.
South Korea has strong relations with Vietnam in many aspects including politics, trade, investment and culture. Thousands and Vietnamese women have become brides in South Korea while Vietnam houses a large community of Koreans.
Earlier in the year, CJ Group promised to invest $500 million in Vietnam, making it its second biggest market overseas, after China.
With a large war chest, the South Korean conglomerate has acquired several businesses in the country. It purchased popular Kimchi brand Ong Kim’s in January, bought Vietnam’s largest multiplex chain Megastar and launched a home shopping channel called SCJ through a joint venture with cable TV operator SCTV.
The firm is also looking to increase its presence in Vietnam’s food processing industry through the acquisition of a 4.18% stake in meat processor Vissan
and an imminent purchase of a 47% stake in Cau Tre JSC.