CP Vietnam Corporation (CPV), a part of Thai conglomerate Charoen Pokphand, has restated it plans to invest US$100 million in several of it's core businesses to support the production of processed food under the CP brand.
The combined investment of $100 million includes the building of a new feed meal plant in Hai Duong province near Hanoi, which is scheduled to start operation next month with annual production capacity of 720,000 tons. The company also have plans to set up two more feed meal plants in southern Vietnam.
CPV's general director Sooksunt Jiumjaiswanglerg, said the plant will use the most up-to-date technology to ensure CPV's world-class standard of production and traceability.
A newly built processing plant has also been set up in Hanoi, the plant is equipped with a slaughterhouse and production facilities to make processed food items such as sausages.
CPV also plans to expand its business in central Vietnam by planning to set up a a new feed mill plant in Binh Dinh province.
The feed mill, which is expected to have an annual production capacity of 216,000 tons of feed, will be completed next year.
In Hue, Central Vietnam, a shrimp processing plant is being built, which should be completed by mid-2013. It will be become the company's processing and export base for shrimp products.
CPV's core businesses in Vietnam consist of feed mills, farms, processed foods, ready-to-eat foods and CP Shops (its distribution store).
The company operates six feed mills in the country and a processing plant in southern Vietnam. Its total investment so far in Vietnam has reached $1 billion.
Mr Sooksunt stated that CPV will concentrate more on manufacturing processed foods as part of its policy to become a leader in terms of food safety and security.
"We have to aim for products to be exported under the name of Vietnam rather than only under the CP brand," he said.