Hormel Foods has revealed it is considering leaving Vietnam, a market where it has a business with Philippines conglomerate San Miguel Corp.

The US group said it could quit the market early in its 2014/15 year, which started on 27 October.

"We are considering a potential exit from operations in Vietnam, early in fiscal 2015, which have been part of a larger joint venture in the region. This business, which includes hog production, feed mills, and a processed meats facility, all located in Vietnam, has not delivered the results we expect from our international investments," Hormel told just-food.

According to the website of San Miguel's food arm, San Miguel Pure Foods, Hormel owns a 49% stake in San Miguel Hormel (Vn) Co.

A spokesperson for San Miguel declined to comment on whether the companies were in talks over Hormel's stake.

Hormel said the Vietnam unit "represents a small portion of our San Miguel partnership". The two companies also work together in the Philippines.