October 13, 2008


South Korean company to import Vietnamese seafood

South Korea's SAJO-Daerin Company has signed a Memorandum of Understanding (MoU) on seafood trade with Vietnam's Bac Lieu Fisheries Joint Stock Company, according to the Vietnam Seafood Exporters and Processors' Association (VASEP).


Under the MoU, SAJO-Daerin will import about 2,000 tonnes of dried fish from Bac Lieu per year between 2009-2011, and cooperate in processing canned seafood and constructing a storage facility in Vietnam.


SAJO-Daerin will also loan VND 30 billion (US$1.8 million) to Bac Lieu, with an annual interest rate of 18 percent. After one year, the loan will be converted to the company's share capital in the form of convertible bonds.


SAJO-Daerin is an affiliate of SAJO Industries, one of the leading seafood groups in South Korea.

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