January 12, 2010

CP to develop poultry project in southern Vietnam

Thailand-backed Charoen Pokphand (CP) Group plans to invest $92 million to build modern poultry farms and chicken meat processing factories in southern Vietnam from now through 2010.

Under the project, CP will use local produced corn and bran to produce 130,000 tonnes of poultry feed, and to produce 65,000 tonnes of chicken meat a year by 2012 for local consumption and export, Suwes Wangrungarun, head of CP Vietnam's Information Division said.

The company negotiated successfully with local authorities of southern provinces of Binh Duong, Binh Phuoc and Tay Ninh for location arrangement and will start the project soon this year.

The project will benefit 80,000 farmer households with modern technology in livestock development and assorted plant production plant.

CP Vietnam, which entered Vietnam in 1993, is a leading foreign investor in the country's agricultural sector, particularly in feed processing. The company was followed by US-based Cargill Vietnam.

CP has already invested US$300 million in Vietnam, with 17 factories processing animal feed, and it would invest US$3.6 billion into Vietnam over the next five year, CP Vietnam vice chairman Sooksunt Hiumjaisawanglerg said.