Fortune places CJ among 7 world-changing companies

Tuesday, Aug 30, 2016 16:00

CJ Group's chilli farming project in Ninh Thuan Province is expected to increase farmers' income more sustainably by developing an agriculture value chain. — VNS Photo
HCM
CITY (Biz Hub) — The CJ Group has become the only Asian company to be present in the 2016 list of 7 World-Changing Companies to Watch by Fortune magazine.

This honour is for a chilli farming project in Viet Nam's Ninh Thuan Province, which has created a positive social impact and marks worthy corporate efforts that may someday change the way of doing business.

According to Fortune, there are three criteria for this list to be finalised. These are measurable social impact, business results and innovation potential.

"We are very grateful for the honour from Fortune. This is big encouragement for us to continue and further create programmes to improve social challenges," Chang Bok Shang, CEO of CJ Group Vietnam, said.

CJ Group started the chilli farming project in Ninh Thuan Province in 2013, in co-operation with the Korea International Cooperation Agency (KOICA) and Ninh Thuan People's Committee. The farm – considered a CSV (Creating Shared Value) project - is located in Tam Ngan 2 ward where has tough weather conditions and poor farming habits that have led to poor living standards. It is expected to increase farmers' income more sustainably by developing an agriculture value chain.

With an allocation of US$2.1 million, CJ helps train farmers in farming techniques, providing them with Korean chilli seeds and refurbishes the irrigation system. As a result, farmers will get the fully-harvested seasons in which inputs will be bought back by CJ to produce chilli powder for kimchi- making in both Viet Nam and Korea. – VNS

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