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CJ Logistics Corporation announced it had signed a memorandum of understanding (MOU) with Vietnam’s Saigon Co.op, a state-owned distribution company. The South Korean firm said its partnership with the Vietnamese retail giant aims to strengthen its logistics business in the country.
CJ Logistics unveiled its deal with Saigon Co.op on Wednesday, Jan. 31. The company expects this cooperation to help increase its market share in the Southeast Asian region.
Joint Business Plans
As per The Korea Economic Daily, the partners plan to work together on managing a new logistics hub currently being built in the western part of Ho Chi Minh City. They will jointly run the center where CJ Logistics will apply its advanced technology and operational expertise to offer improved logistics services. The company will also share this know-how with state-run companies in Vietnam.
The collaboration will allow Saigon Co.op to enhance its logistics performance, including warehouse operations and transportation. Established in 1989, this Vietnamese firm operates more than 760 convenience stores, department stores, and supermarkets nationwide.
New Logistics Hub
CJ Logistics and Saigon Co.op held a signing ceremony for the MOU on Tuesday at the Saigon Coop headquarters in Vietnam. Key executives from both companies were present at the event: Kim Kwon Woong, head of the CJ Logistic Asia Pacific unit; Jang Bok Sang, CJ’s chief executive officer of Vietnam regional HQ; and Nguyen Anh Duc, president of Saigon Co.op.
CJ Logistics is building a new logistics hub with automation to speed up operations. Korea Logistics News reported that it is set to open this year, but the exact date is unknown.
“We will strengthen cooperation between the two companies by increasing Saigon Coop’s logistics efficiency and stability through our distribution logistics experience and automation technology across various product groups,” Kim Kwon Woong said in a press release. “Based on our unrivaled logistics competitiveness, we will strengthen cooperation in the Vietnamese distribution logistics market.”
He added, “We will actively target the logistics industry and contribute to the development of the logistics industry by transferring the cutting-edge technology we have built domestically to the world.”
Photo by: CJ Logistics Press Release
