As a part of its expansion plans, Central Marketing Group (CMG) of Thailand will launch joint venture with a Vietnamese partner.
The venture will help promote apparel business in Vietnam. The company will be set up in Ho Chi Minh City while the partner would hold majority stake in the venture.
The deal is to be finalized soon will be the first joint venture by CMG with a foreign partner and is scheduled to start operating by 2006.
CMG President Kriengsakdi Chirathivat said that considering the potential and popularity, Vietnam was naturally a priority for Thai offshore invesments.
He also added that there was a great potential for apparel, especially in the medium segment.
The overseas expansion plan is expected to help accelerate CMG's growth by 20-30 percent in the next couple of years, compared to 12-15 percent on average. Annual sales of CMG are estimated at around five billion baht.
CMG, trading arm under Central Retail Corporation (CRC), said the scheme is part of the plans by CRC to become a regional leader by 2011.
marketing@alchempro.com
