VINECO signs investment deals worth VND1 trillion (US$45.7 million) with three foreign partners on July 21.— VNS Photo

HA NOI (Biz Hub) — Vingroup's agricultural firm VINECO signed investment deals worth VND1 trillion (US$45.7 million) with three foreign partners on July 21for high-tech agricultural production.

The partners are NETAFIM and Teshuva Agricultural Projects (TAP) from Israel and KUBOTA of Japan.

According to the group, its partners have the latest technology, powerful research and development tools and the know-how for their effective application in agricultural production.

With their technology, the company will produce clean fruits and vegetables, in keeping with the standards set by VietGAP and GlobalGAP. GAP stands for good agriculture practices.

TAP and NETAFIM will provide technology for greenhouses spread over up to 60ha, with an irrigation system and an automatic nutrition provider for crops planted on nearly 1,000ha in the first phase.

KUBOTA will help in the mechanisation and automation of operations in large fields in all VINECO farms across the country.

VINECO expects to start operations in its first greenhouse in Q4 this year. The agricultural produce will be sold at the group's Vinmart chain of supermarkets and Vinmart + convenience stores nationwide.

It is expected to offer reasonable prices to customers. VINECO also plans to produce organic fruits and vegetables for export. — VNS