The deal allows the local property developer and its Japanese partner to jointly develop the Kyo Watami Grill & Sushi restaurant chain, which will serve Japanese foods to its target customers: families and middle-class connoisseurs.

Moreover, a food processing plant will be built at the Cat Lai Industrial Zone in HCMC’s District 2. When in place, its products will be exported to Watami Company’s restaurants in Japan and provided to the Kyo Watami Grill & Sushi restaurant chain and GS25 convenience stores, which Son Kim runs through a joint venture with GS Group from South Korea.

Nguyen Hoang Tuan, chairman of Son Kim Group, said at a press briefing in HCMC on May 18 that Son Kim will play a greater role in the joint venture.

For the Kyo Watami Grill & Sushi restaurant chain, Son Kim will hold an 85% stake, playing an active role in management and investment. Meanwhile, in the food processing plant, Son Kim will hold a 50% stake, while the Japanese partner will hold the other 50%.

Tuan refused to reveal the total investment amount for the deal.

Tuan said the food processing plant is considered the foundation for the restaurant chain because Son Kim plans to open several restaurant chains in the years to come.

With the opening of the Kyo Watami Grill & Sushi restaurant chain, other restaurant brands from Watami Company, which has developed 17 brands, may follow, Tuan said, adding that Son Kim and Watami will probably study introducing a new model of restaurant for the Vietnamese market.

Tuan said that with its advantages as a property developer, Son Kim has 250 locations available for restaurant development. The company also has a strong relationship with some trade centers where it can support its joint venture partners in doing business in the retail and food and beverage sectors.

Huy Nguyen, chief executive officer of Watami Vietnam Company, said that the joint venture plans to develop at least 30 restaurants in major cities such as HCMC, Hanoi and Danang within the next 5-10 years. The first restaurant will debut in HCMC in June.

Watami Company has 35 years of experience in the food and beverage sector. The group has 17 brands with 480 restaurants in Japan, Singapore, the Philippines and Cambodia.
Source: thesaigontimes.vn