The CJ Group logo is displayed at the company's headquarters in Seoul, South Korea, in 2013. (Photo: Getty Images)
Seoul-based CJ Group, a conglomerate embracing various industries including food, pharmaceutics and home shopping, will put an additional $500 million in three major sectors of agriculture, entertainment and logistics in Vietnam in 2016.
The South Korean chaebol has invested a total of $400 million in the Southeast Asian country over the past 20 years. CJ Group aims to invest heavily in Vietnam by 2020, making the country its second largest investment destination after China, the Vietnam News Agency reported.
The CJ Group will increase investment in agriculture through mergers and acquisitions. The group has allocated about half of its investment in this sector.
The firm bought a 4% stake in Vietnam Meat Industries Limited Company (Vissan), among the leading meat processors in the country, said Chang Bok Sang, the group’s chairman and general director.