Vietnam, Cambodia enterprises jointly establish food, fertilizer companies

10/06/2009

(Post by CAAI News Media)

Four Vietnamese and Cambodian companies signed official contracts on the establishment of the Cambodia-Vietnam Foods Company and the Cambodia Five-stars International Fertiliser Company in the Cambodian capital of Phnom Penh on October 5.

These companies include the Investment and Development Company of Cambodia (IDCC) and its partners, the Vietnam Southern Food Corporation (Vinafood II), the Green Trade Company and the Five-stars International Group Company (Five-stars).

The signing ceremony was attended by Cambodian Senior Minister of Commerce Cham Prasidh, Senior Minister cum Secretary General of the Council of Development of Cambodia Sok Chanda and representatives from the Vietnamese embassy.

The Cambodia-Vietnam Foods Company (Cavifoods), has an initial registered capital of US$8 million, of which IDCC will contribute US$2.64 million, Vinafood II, US$2.96 million and Green Trade, US$2.4 million.

Once operational, the company will specialise in production, procurement, transportation, processing, preservation, storage, trading, import and export and other services related to food in Cambodia and other countries.

This year, Cavifoods plans to build a rice processing factory with modern technology, which will be supplied by rice bought from Cambodian farmers starting this season for export. At the same time, a system of food purchasing agents and a bread and instant noodle factory will be setup to meet domestic and foreign demand.

The Cambodia Five-stars International Fertilizer Company, established by IDCC and Five-stars, is planned to conduct investment, manufacturing and business activities in the fertilizer industry in Cambodia.

Its initial registered capital is US$15 million, of which, IDCC will contribute US$1.5 million, and Five-stars, US$13,5 million.

The company is planning to invest in a nitrogen-phosphate-potassium (NPK) fertilizer factory with a capacity of 350,000 tonnes per year, and a main fertilizer warehouse while conducting import-export activities with a total investment capital of up to US$65 million.

VNA/VOVNews