The working session between CP Vietnam and representatives from the Binh Dinh People's Committee (Source: VNA)

Binh Dinh (VNA) – The Thai-invested CP Vietnam Breeding JSC (CP Vietnam) will invest in a slaughter and processing plant in the central province of Binh Dinh under a memorandum of understanding (MoU) between the firm and local authorities.

The MoU was signed between Chairman of the provincial People’s Committee Ho Quoc Dung and General Director of CP Vietnam Montri Suwanposri on September 26 in the presence of Thailand’s Consul General Ureerar Ratanaprukse.

Montri Suwanposri said his firm had two food processing plants in Hanoi and the southern province of Dong Nai, adding that there are demands for the company to expand its production and business in the field in the central region of Vietnam, and that Binh Dinh is the best destination for that.

CP Vietnam has invested about 1 trillion VND (42.8 million USD) into Binh Dinh, mainly in producing animal feed, livestock, and garments and textiles.

According to the provincial Department of Agriculture and Rural Development, the locality’s livestock sector is developing with strength towards high-quality breeding.

Currently, the province has nearly 1 million heads of cattle and 7.5 million heads of poultry.

However, Binh Dinh has no food processing plant. Therefore, the value of livestock products is low, with farmers facing considerable difficulties and risks.

At the signing ceremony, the department proposed to introduce four locations under the livestock development plan of the locality to 2020, making it easy for CP Vietnam to select its investment project.

Chairman of the provincial People’s Committee Ho Quoc Dung said that investment for building a food processing plant is a pressing need of the locality at present.

He pledged that the local authorities will create the most favourable conditions for CP Vietnam to implement the project.

CP Vietnam owns 7 percent of the pork market share, 16 percent of the industrial egg market share, 22 percent of the chicken market share, and 18 percent of animal feed.

Thai investors have been successful on the Vietnamese market thanks to their effective strategies. –VNA