The proposed US$37.1m merger between Wall’s Vietnam and Bestfoods Vietnam has received official approval from HCMC Export Processing Zone and Industrial Park Authority (Hepza).
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The new company resulting from the merger, Unilever Bestfoods Vietnam, has been awarded a 30-year licence to manufacture a range of products including ice cream, sauce, tea, noodles and spice.
Wall’s has operated in Vietnam under parent company Mavibel BV since 1996, and has raised investment capital several times to increase its range of products. Bestfoods Vietnam was created in 1995 meanwhile, when US manufacturer Bestfoods Co bought out CDC Vietnam, the local wing of another US giant CPC International.
From Hepza’s foreign investment department, an official revealed that Bestfoods Co agreed to sell its equity outside Vietnam to Anglo-Dutch group Unilever. Unilever is also the parent company of Mavibel.
