Jobstreet Enters Into MoU To Set Up JS Vietnam

KUALA LUMPUR, May 18 (Bernama) -- Jobstreet (JS) Corp Bhd has entered into a memorandum of understanding (MoU) with Vietnamese entrepreneur, Nguyen Hoang Bao, to set up JS Vietnam, a local limited liability company. The venture into Vietnam would be via a joint venture (JV) company in Singapore, with Hoang Bao holding a 20 per cent stake and Jobstreet Corp 80 per cent. Jobstreet Corp Chief Financial Officer Greg Poarch said the high internet penetration in Vietnam would assist the company there. "For the initial stage, we will focus on brand building and are not expecting returns in the short term," he told reporters after the company's annual general meeting here on Thursday. He said that the company would start slow in the venture, to familiarise itself with the market there. "The reason it took us a while to venture into Vietnam is because we were looking for the right partner," he added. -- BERNAMA