edan International Holding Ltd (味丹國際控股) is to establish a subsidiary in Cambodia before the end of this year as part of its strategy to increase sales contribution from ASEAN markets, a company executive said.
“It is Vedan’s goal to expand the firm’s reach from Vietnam to other Southeast Asian countries in the next few years,” Vedan executive director and chief executive officer Yang Kun-hsiang (楊坤祥) told a news conference at the company’s plant in Dong Nai Province, Vietnam, on Thursday night.
Vedan, founded in 1954 in Taiwan and listed on the Hong Kong Stock Exchange in 2003, produces a wide range of products, including monosodium glutamate (MSG), instant noodles, bottled beverages and fermented amino acids.
Vedan has operated a 120 hectare plant in Dong Nai since 1990 and is the largest supplier of MSG to the Vietnamese market with more than a 50 percent market share, the company said.
Yang said the Vietnamese market contributed nearly 50 percent of last year’s overall sales of US$327.64 million, while other ASEAN markets accounted for less than 20 percent.
He said as the ASEAN Free Trade Agreement (AFTA) will significantly reduce tax expenses for exporting from the region, Vedan plans to aggressively increase its presence in ASEAN to boost performance.
The subsidiary in Cambodia is to be Vedan’s new base of operations for the Thailand and Laos markets, given Cambodia’s proximity to the two nations, Yang said.
Yang said Vedan will set up other subsidiaries in other ASEAN markets in the next three years, with Myanmar favored due to its proximity to Yunnan and Sichuan provinces in China, as well as India and Pakistan.
“We hope to increase sales contributions from ASEAN from nearly 20 percent to 35 percent within three years,” Yang said.
The strategy would help spread the risk of over-reliance on the Vietnamese market amid intensified competition in the nation, he said.
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