10:18 | 10/10/2018 Investment
Fruit and vegetables manufacturer Nafoods has signed a memorandum of understanding with the Tay Ninh authorities to develop a special zone in the southern province to grow fruits for exports.
|The signing of the agreement between Nafoods and Tay Ninh province - Photo: baotayninh|
The zone will cover 10,000 hectares and cost an estimated VND3 trillion (US$129 million) during the 2019-2023 period.
Once the growing zone can provide at least 150 tonnes of fruit a day, Nafoods will build a processing plant, which is expected to generate an export revenue of US$100 million a year.
Under the agreement, Tay Ninh province will also provide 20 hectares of land for Nafoods to build a germination garden and encourage local enterprises, cooperatives and residents to take part in the project.
Nafoods will be responsible for providing the seeds, fertilisers, pesticides, technical assistance and safety certification.
Speaking at the signing ceremony on October 4, Nafoods Chairman Nguyen Manh Hung stated that Tay Ninh province has great potential for agricultural development with vast and flat land and abundant water resources from Dau Tieng Lake.
He added that 60% of the fruits produced by Nafoods in Tay Ninh province will meet GlobalGAP standards while the remaining 40% will be certified organic.