09:50 | 12/12/2016 Economy
Tetra Pak, a leading global food processing and packaging solutions company, has announced plans to invest 110 million USD in setting up a manufacturing facility in Vietnam.
|A production line of Tetra Pak|
The company said it would be the country’s first paper-board carton factory and serve customers across the region amid rapid consumption growth and increasing customer needs in the Asia Pacific.
Tetra Pak said this year 70 billion litres of liquid dairy and fruit-based beverages were packaged across ASEAN, South Asia, Japan, the Republic of Korea, Australia, and New Zealand.
In the next three years these markets are likely to grow at a healthy 5.6 percent per annum, with products packaged in Tetra Pak cartons projected to grow at a much faster rate than other packaging formats such as bottles and cans, it said.
Michael Zacka, regional vice president, Tetra Pak South Asia, East Asia and Oceania, said: “Over the years we have seen substantial growth of our products, driven by a wide portfolio and a number of innovations that we have introduced in the market.
“Hence our investment in a new plant, which will be our fourth packaging materials factory in the region.
The factory is expected to start commercial operations by early 2019. It will have an expandable production capacity of around 20 billion packs per annum across a variety of packaging formats.