Loc Troi inks deal with global agricultural materials suppliers, banks

Tuesday, Feb 22, 2022 16:44

International agriculture medicine companies commit to provide agricultural materials to Loc Troi Group. — Photo courtesy of LTG

Loc Troi Group Joint Stock Company signed an agreement on February 21 with international companies Corteva Agriscience (US), Bayer CropScience (Germany), Map Pacific (Singapore), and UPL (India) to source agricultural materials.

It also signed credit agreements for VND5 trillion (US$219.4 million) with Vietcombank, HDBank, TPBank, and Maritime Bank for its production activities.

Loc Troi seeks to reduce the annual release of one million litres of chemicals into farms, and for this has tied up with companies such as Corteva Agriscience, Bayer CropScience, Map Pacific, DEVI Cropscience (India), and UPL to distribute crop protection and care products that strike a balance between organic, biological and chemical.

The use of a mobile application and QR codes to trace the origins of each product in the distribution of the crop protection and care products makes it easy for farmers to obtain planting area codes and traceability for agricultural products.

Loc Troi Agricultural Research Institute researches into and produces biologically derived plant protection products and makes organic and inorganic fertilizers, including from straw.

By 2030 its biological, organic and microbiological goods are expected to account for 40 per cent of its total plant protection products.

Huynh Van Thon, its chairman, said, “This is the next strategic step in our journey to improve the Loc Troi agricultural eco-system by increasing the efficiency of large-scale agricultural production, thereby increasing the competitiveness of Vietnamese agricultural products in the global market." — VNS

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