Business News
Loc Troi and Chinese firm establish joint ventures
Thursday, 5/18/2017
AsemconnectVietnam - Loc Troi Group has clinched a deal with China’s Hunan Leading Science and Technology Development Co Ltd to establish two joint ventures to produce seeds and seedlings, and trade in farm goods.
A statement of Loc Troi said the two companies will initially invest US$10 million in the two joint ventures.
The seeds and seedlings venture will be established in Vietnam to develop hybrid rice varieties for domestic and Southeast Asian markets. It will also study and create other seeds and seedlings such as corn and vegetables.
Meanwhile, the produce trading venture will be set up in China for rice, coffee and pepper distribution. This business is expected to promote formal rice trade between Vietnam and China, reduce price manipulation triggered by unregulated trade, and develop the Vietnamese rice brand in the neighboring country.
The two sides have cooperated in hybrid rice research and experimentation in Vietnamese fields to create high-quality products.
Source: thesaigontimes.vn
