Anglo-Dutch conglomerate Unilever has sold its Wall’s ice cream business in Vietnam for an undisclosed sum.

The Kinh Do Confectionery Company has acquired the Vietnamese Wall’s ice cream business from Unilever, thereby taking control of a 50% market share. The company acquires a business which last year reported 8% growth in sales.

Unilever spent US$20m to set up the Wall’s factory in the Vietnamese capital of Ho Chi Minh City (locally known as Saigon) in 1997. It can produce nine million litres of ice cream each year.

The acquisition will be used to drive Kinh Do’s push into the domestic ice cream sector, reported Asia Pulse.