Việt Nam's largest spices exporter receives investment from EU

Monday, Jan 15, 2024 13:53

A factory of Phúc Sinh Group in southern province of Bình Dương. — Photo courtesy of the firm

Phúc Sinh JSC has announced that the company successfully sold shares to an investment fund from Europe with an undisclosed amount.

Phan Minh Thông, general director of Phúc Sinh JSC, said the fund would not participate in operating the business but simply provide financial support. This has been the first time the company received foreign investment in 22 years of operation. The deal was completed after 18 months of negotiation.

“In the context of a limited capital market, having an investment with a moderate capital price is very meaningful. We are valued at US$320 million. The amount is not too large but not small either, which could help us build two coffee processing factories this year,” Thông said.

He added that in recent years, many companies wanted to invest in Phúc Sinh. However, they were refused because of not properly evaluating Vietnamese agriculture value, which is very low compared to companies in Thailand, Malaysia, Indonesia, and even the Philippines.

“Việt Nam's agricultural industry is developing strongly and has many opportunities to attract foreign investment. Phúc Sinh Group also wants to raise more capital to develop factories, and also call for additional capital specifically for the K-Coffee coffee chain. However, we only accept financial investment and do not need strategic investors,” he said.

Established in 2001, Phúc Sinh Group is one of the leading exporters of pepper, coffee and agricultural products in the country. In the spice industry, the company has been leading since 2007.

A recent report from SFV-Export (the project to strengthen export capacity for small and medium enterprises in Việt Nam's spices, vegetables and fruits industry) showed that Phúc Sinh is the largest exporter of Vietnamese spices to the EU, with 15.1 per cent market share, a sharp increase from 8.4 per cent in 2022. — VNS

Comments (0)