09:31 | 19/01/2016 Economy
PFP Group, a frozen seafood producer from Thailand, plans to set up a joint venture factory in Vietnam in the next three to five years to minimise business risks, reported “The Bangkok Post” newspaper on January 15.
Products made by PFP - (Photo: PFP)
The newspaper quoted, Piyakarn Piyapatana, PFP’s international marketing director, as saying that the group was negotiating with several mid-sized seafood processing companies in Vietnam about the plan.
She said PFP chooses to have a seafood processing plant in Vietnam because its economic growth is higher than many other Asian countries, and the country also offers a good source of seafood.
Moreover, Vietnam enjoys trade privileges that will help PFP shipments to the US and Europe in the future.
The set-up deal is expected to be concluded in the near future with PFP holding a major stake.
The Thai group will provide production know-how, while its local partner will handle raw seafood supply and find a suitable plot for the factory.
Initially, the seafood processing factory in Vietnam will produce fish paste before expanding to other products. The output will serve the Vietnamese market and then be exported to other countries./.