14:31 | 10/07/2016 Investment
South Korea's CJ Group will set aside US$2.1 million to grow chilli in southern Ninh Thuan Province after successfully conducting a pilot project for six months in the locality.
CJ Group will invest US$2.1 million to grow chilli in Ninh Thuan Province — Photo thoidai.com.vn
The company will join hands with the Korea International Cooperation Agency (KOICA) and farmers to plant chilli on a total area of 10ha, beginning in July.
Besides supplying varieties of chilli and fertilizers, the CJ Group will also send its experts to assist Ninh Thuan farmers in farming and caring techniques, Chang Bok Shang, CEO of CJ Group Viet Nam, told the press, adding that his company is expected to yield some 200 tonnes of fresh chilli annually.
Earlier, the group said it will invest US$500 million in Viet Nam in 2016. This figure is larger than the Korean group's total investment of $400 million in the country over the past 20 years.
The CJ Group will also increase investment in agriculture through mergers and acquisitions and through basic investment in the value chain this year./.