Illustrative image (Source: VNA)
 
Hanoi (VNA) - The Vietnam Nutrition Food JSC (Nutifood) on May 11 signed a cooperation agreement with the provincial People’s Committee of Dak Lak to invest more than 1 trillion VND (44.1 million USD) in high-tech agriculture.

Under the agreement, NutiFood committed to developing provincial high-tech agriculture in the coffee industry by sowing seeds, cultivating, harvesting and processing. This is expected to improve productivity, increase the product’s value and promote export activities to foreign markets.

In addition, NutiFood will invest in constructing a factory for processing coffee products, leading to the establishment of a coffee brand associated with the province’s geographical origin.

Nutifood is also designated to be the sole strategic shareholder of Phuoc An Coffee Company through its purchase of 25 percent of the company’s shares, even as it targets 51 percent in the future through auctions.

With the investment of NutiFood, Phuoc An will be required to meet conditions to restructure, renovate and improve the efficiency of land use. On the basis of high-tech agriculture, the company can look towards organic and clean coffee products, bring added value to agricultural products with high export value.

Nutifood’s board chairman Tran Thanh Hai said the company decided to invest in Dak Lak’s high-tech agriculture to increase the value of Vietnamese agricultural products.

The cooperation also responded to the Prime Minister’s direction to lead Vietnam towards becoming a modern and multifunctional centre for the supply of high-tech agricultural products to the international market, Hai added.

In addition to promoting coffee plantation, Nutifood will conduct research and surveys to apply hi-tech agricultural areas into the development of dairy cows and raise the value of the agriculture sector for the province.-VNA