Confectionary maker Kinh Do Corporation and Taiwan’s Saigon Ve Wong Co., Ltd signed a contract on May 12 to build a packed food factory in the northern province of Bac Ninh.

Covering 2.5 hectares in the Vietnam-Singapore Industrial Park, the factory has a total investment capital of 30 million USD.

It will be developed over four phases with an initial capacity of 6 million products per year.

The Vietnamese corporation will own 49 percent stake in the newly-established joint venture.

According to General Director of Kinh Do Corporation Tran Le Nguyen, the construction of the food factory marks a move in its business diversification strategy.-VNA