13:31 | 21/05/2016 Investment
PM Nguyen Xuan Phuc on May 18 attended a ground-breaking ceremony of a milk production complex in Volokolamsk village, Moscow.
PM Nguyen Xuan Phuc (2nd from right) and other delegates at the ground-breaking ceremony of the dairy cow breeding and farming project - (Photo: VNA)
This is Viet Nam’s first milk production project in Russia and the country’s largest outward investment.
With US$500 million poured in the first phase, Vietnamese TH-True Milk expected to churn out the first bath of milk products to the Russian market by mid-2017.
The total investment would increase to US$2.7 billion after ten years when the third phase ends with 350,000 cows and a projected milk output of 5,900 tons per day. The Vietnamese group also intends to establish a distribution chain to 300 True Mart shops in Russia.
Addressing the event, PM Phuc praised the effort of TH True Milk to bring “Made in Viet Nam” products to other countries.
The Vietnamese Government pledges to create favorable ways for the project, he affirmed.
The PM also took the occasion to seek the support from Moscow’s local authorities for the project.
The Ministry of Planning and Investment reported that Russia ranked 17th out of 112 countries and territories investing in Viet Nam with 114 valid projects and a total register capital of US$2.08 billion. These projects chiefly focused on energy, mining, manufacturing, and services.
Meanwhile, Viet Nam has 20 investment projects worth US$2.93 billion in Russia, focusing on gas exploitation and exploration and services./.