PepsiCo has announced that Japanese drinks firm Suntory Holdings has acquired a 51% equity stake in its beverage business in Vietnam.
PepsiCo will retain a 49% in the joint venture as well as marketing and innovation responsibilities. The firm will continue to independently operate its food business in the country.
Suntory and PepsiCo have partnered in several beverage markets including the US, Japan and New Zealand. The US drinks giant has made Vietnam a priority territory and has invested more than $500 million in the country.
“Vietnam is a highly attractive growth market where PepsiCo is well positioned in the food and beverage marketplace," said Umran Beba, PepsiCo’s Asia Pacific’s president.
"We're focused on expanding our food and beverage business in Vietnam through continued investment across our portfolio, and our beverage alliance with Suntory is an important part of our strategy to position PepsiCo for sustainable long-term growth in the market."
