10:01 | 24/06/2016 Economy
IFC, a member of the World Bank Group, is helping Anova Corporation to build more animal feed facilities in support of the country's growing livestock industry, contributing to food safety and creating hundreds of jobs.
Anova Corp has become a leading group in veterinary medicine industry in Vietnam (Source: anovacorp.vn)
IFC has provided 340 billion VND (about 15 million USD equivalent) through a five-year convertible bond to support one of the company's subsidiaries Anova Feed Joint Stock Company to expand animal feed production. The investment will help the feed producer construct two additional mills in Dong Nai and Hung Yen provinces and a warehouse in Long An Province over the next two years. Once the new feed mills and warehouse come online, more than 500 new jobs will be created to supply products to nearly 40,000 farmers across Vietnam.
Domestic demand for meat has been on the rise given the country's growing population and higher standards of living. Vietnam's agricultural landscape is driven by small farms and its farmers are looking to make sustainable strides in biosecurity and feed quality.
"IFC's financing will help Anova Feed triple its production capacity, providing quality and reliable feed to the fast growing animal protein sector in Vietnam," said Nguyen Hieu Liem, Chief Executive Officer at Anova Corporation. "We are also seeking IFC's advice in expanding our reach to other countries and strengthening corporate governance standards in preparation for a listing."
In addition to financing, IFC will help Anova Feed pursue sustainable operations by adopting IFC Performance Standards and the World Bank Group Environment, Health and Safety Guidelines./.