CJ Group chairman Lee Jay-hyun emphasized the importance of the soaring Vietnamese market for the leading food and entertainment conglomerate to expand its global presence, group officials said Sunday.

According to the group, executive officials including the chairman, his elder sister and vice chairman Lee Mi-kyung plus CEOs of affiliates, gathered last week in Ho Chi Minh to discuss strategies for Vietnam.

During the three-day gathering April 3-5, the chairman picked Vietnam as one of the most attractive markets, along with China, considering its young population and the growth potential of its retail sector.

“While continuing efforts to create a healthier business environment domestically through shared growth with smaller firms, we need to focus more on overseas markets,” Lee said. 

“In Vietnam, we will build the ‘third CJ’ (following the previous pledge made in China).”

In addition to its own market potential, Vietnam presents a geographical advantage as it connects other Asian countries such as Cambodia, Laos and Myanmar, he added.

CJ has already entered the Vietnamese market, operating businesses in diverse sectors, including bakeries, home shopping, multiplex movie theaters, logistics, animal feed and agricultural products.

Since opening its first Vietnam office in 1996, the group established a production line for animal feed in 2001 and entered the bakery market with its flagship brand Tous les Jours in 2007.

Last year it acquired Vietnam’s largest multiplex chain and film distribution company Megastar and started the home shopping channel SCJ through a joint venture with the No. 1 Vietnamese cable TV operator SCTV.

“In addition to existing businesses, we are considering the cultural content business such as production and distribution of broadcasting content or films,” a CJ spokesperson said.

Lee has often expressed his goal of globalizing Korean culture, saying “We will make people all around the world enjoy Korean cuisine, films, TV shows and music.”

Vietnam, where those in their 30s or younger make up almost half the population and many of them enjoy K-pop, seems to be the perfect place for the chairman’s business experiment.

While in Ho Chi Minh last week, Lee met city officials including Mayor Le Hoang Quan, and business leaders, particularly representatives of Vietnamese TV channels and cable operators.

On March 28, Vietnamese Prime Minister Nguyen Tan Dung had visited a CJ human resource development center in central Seoul following the Seoul Nuclear Security Summit on March 26-27.

“The prime minister’s visit shows the Vietnamese government’s interest in CJ Group, indicating the importance of the group’s status and cooperation in the market,” said a CJ official.

By Lee Ji-yoon (jylee@heraldcorp.com)