CJ, Korea’s food and entertainment giant, is on the verge of purchasing an office building in Ho Chi Minh City that will serve as the firm’s Vietnamese headquarters, the company said on Wednesday.

The move was interpreted as a step towards securing a bigger presence in the Asian markets, a campaign that started with CJ’s earlier entry into China.

CJ will be acquiring a 85-percent stake in the Gemadept Tower for 47.2 billion won ($44.4 million) and is near closing the deal.

The Gemadept Tower is a 22-story building with a total area of 16,000 square meters, located in Ho Chi Minh City’s chief commercial area.

The building is a joint investment by four of CJ’s affiliates ― CJ CheilJedang, CJ CGV, CJ O Shopping and CJ Korea Express ― and will function as the local foothold for the group’s affiliates that have entered Vietnam.

“Some of the floors will be used by CJ’s Vietnam affiliates while the remaining floors will produce profit through leasing,” said a CJ official.

CJ anticipates that the establishment will strengthen its on-site operations.

“CJ currently leads the market share for Vietnam’s movie and home shopping industries,” said a CJ official. “Our plans to gain ground in Vietnam are progressing favorably.”

After opening Tous Les Jours, CJ’s bakery franchise, in Vietnam in 2007, the conglomerate ventured into the home shopping industry, while also taking over movie theaters and establishing a delivery service in 2011.

Currently, CJ O Shopping remains unrivaled, with 70 percent of the market share, whereas the box-office sector is also enjoying a stake of over 50 percent, according to sources.

The maneuver into Vietnam is a direct reflection of CJ Group chairman Lee Jay-hyun’s aspirations to expand the group’s business territory in Asia. He expressed this goal during the CJ Global Conference back in 2012.

Moreover, the group has also announced that it plans to manage a strategy committee ― strictly for boosting the capacity and discovering future growth engines for each of its affiliates ― starting this month in order to compensate for the chairman’s long absence.

Roughly 30 or so councilmen will hold a meeting once a month, the group said.

By Kim Joo-hyun (jhk@heraldcorp.com)