Sigma Designs and Vietnam Multimedia Corporation Establish Joint VentureMonday, April 18th, 2011
Joint Venture to Focus on Smart Energy and Transition to Digital TV in Vietnam
MILPITAS, CA — Sigma Designs (NASDAQ: SIGM), the leader in connected media platforms, and Vietnam Multimedia Corporation (VTC), one of Vietnam’s largest multimedia corporations, today announced that they have reached an agreement to establish a joint venture to develop and market high-performance set-top boxes for digital television, smart energy products and home connectivity solutions.
The joint venture, VietSilicon Technology Joint Stock Company (VSilicon, JSC), will enable the two companies to accelerate their growth in the Vietnamese market by combining proven IPTV semiconductor technology with VTCs unparalleled local content and network in Vietnam.
“Sigma Designs has the technology we need to modernize the market in Vietnam,” stated Mr. Nguyen Hoang Phong, president at VTC Digicom. “By working closely with Sigma, we will accelerate Vietnam’s transition to the digital era.”
“VTC is Vietnam’s leading innovator in digital television,” said Thinh Tran, CEO of Sigma Designs. “The combination of our experience in the media processor and connected home and VTC’s experience in digital television will help us meet Vietnam’s increasing demand for high-definition set-top boxes and smart energy solutions.”
Under the terms of the agreement, the joint venture will combine an experienced team, technology development, products, sales and marketing. With the combined talent, capabilities and capital sharing, the joint venture will also provide the focus required to speed innovation and delivery of products to market in Vietnam. Sigma Designs expects the joint venture to introduce two new products in 2011.
“We are trying to modernize the Vietnamese high technology sector,” said Dr. Chu Ngoc Anh, Vietnam’s Deputy Minister, Ministry of Science and Technology. “The cooperation between VTC and Sigma Designs is proof that the Vietnamese high technology industry is growing and with Sigma contributing its technical expertise, I strongly believe Vietnamese companies will produce many high technology products locally at reasonable prices.”
Dr. Le Doan Hop, Minister, Vietnam’s Information and Communications Department, said, “The cooperation between VTC and Sigma Designs is important in helping digitize television in Vietnam and create a strong Vietnamese hardware industry.”
The joint venture will have its headquarters in Vietnam.