Sigma Designs enters into JV with Vietnam Multimedia Corporation

System-on-chip solution provider Sigma Designs, Inc. (SIGM: News ) announced Monday an agreement to establish a joint venture with Vietnam Multimedia Corporation. The JV is expected to introduce two new products in 2011.

Sigma Designs said the joint venture, VietSilicon Technology Joint Stock Company would 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.

Vietnam Multimedia Corp. is a state-owned organization, provides media access and content solutions including television, telecommunication and other value-added services.

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.”

Thinh Tran, CEO of Milpitas, California-headquartered Sigma Designs said,” 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.”

SIGM is currently trading at $12.24, down $0.24 or 1.92%, on the Nasdaq.

Tags: Sigma Designs, Vietnam Multimedia Corporation