May 17, 2006

China's New Hope announces plans to expand in South East Asia

New Hope Group, China's largest animal feed producer, would be building more than ten factories in Southeast Asia over the next 10 years, Liu Yonghao, the company's chairman said.

Liu said the company would be focusing on going international over the next decade.

New Hope Group has already invested RMB 2 billion (US$250 million) in an animal feed plant in Vietnam and is negotiating with the Ministry of Commerce and the Vietnamese government to have a separate feed facility in Ho Chi Minh city this year.

New Hope aims to more than double its sales to RMB 50 billion (US$6.2 billion) over the next five years.