The Tan Hiep Phat Group inaugurated the first phase of its beverage factory, worth VND1.8 trillion (US$77.3 million), in the Mekong Delta Province of Hau Giang’s Song Hau Industrial Zone on Thursday.

The 40ha-factory, the largest of its kind in the region, has an annual production capacity of 300 million litres of beverage in the first phase. Its second phase, expected to cost VND1.1 trillion, is slated for completion in 2023.

Once fully completed in 2015, the factory is expected to produce one billion litres of beverages per year, and contribute an average of VND400 billion to the State budge.

General Director of Tan Hiep Phat Group Tran Quy Thanh said that the factory plays an important role in the group’s strategy to expand its market share, provide high-quality products for an 18-million-strong market in the region, and export products to foreign markets.

Previously, the group launched three beverage factories in Binh Duong, Ha Nam and Quang Nam provinces with products being shipped to 20 countries such as Singapore, South Korea, Canada, Australia and Canada.

According to Thanh, his company had set a goal of earning revenues of about $1 billion in 2023 and $3 billion in 2027.

The provincial People’s Committee chairman Le Tien Chau praised the launch of the large-scale beverage factory in the locality, saying that local authorities will continue to support the investor in implementing its project here. — VNS