Diageo (LON:DGE) has increased its stake in Vietnamese spirits producer Hanoi Liquor to 45.52 percent by acquiring a further 10.62 percent interest for £14 million.
The beverage group said the deal showed it commitment to work with Halico, which owns the country’s leading vodka brand Hanoi Vodka, in the rapidly growing Vietnamese branded spirits sector.
Diageo added that it will remain a long term investor in Halico and will continue to assist the business with branding, supply and distribution.
In the meantime, Diageo will independently continue to develop its spirits portfolio in Vietnam, led by Johnnie Walker, Smirnoff and Baileys.
“We are pleased to further participate in Halico's growth potential and success by increasing our equity investment, which is an expression of our long term commitment both to Halico and to Vietnam,” said president of Diageo Asia Pacific.