SEOUL, KOREA - Hyundai Home Shopping joined hands with Vietnam’s state-run broadcasting company VTV (Vietnam Television) to launch into the local home shopping business.
Hyundai Home Shopping announced on May 28 that it signed an agreement with VTV’s subsidiaries—VTV Broadcom (broadcasting technology firm) and VTV Cap (system operator)—for establishment of a joint venture in Hanoi, Vietnam.
The joint venture, named “VTV Hyundai Home Shopping,” will have a paid-in capital of US$20 million. Hyundai Home Shopping will invest $10 million to gain a 50-percent stake and the controlling right of the joint venture. VTV Broadcom and VTV Cap each will have a 25-percent stake.
VTV Hyundai Home Shopping is scheduled to be established within this year and start operations within the first half of next year. Hyundai Home Shopping, which has enjoyed stable sales growth in China, is also reviewing the idea of launching into the markets of Thailand, Malaysia, and Indonesia.
