FLC and Vingroup invests in agriculture

Monday, May 18, 2015 15:12

A corner of Lam Son agricultural farm in Ngoc Lac District's Lam Son Commune in the central province of Thanh Hoa. The provincial People's Committee approves the investment of property developer FLC Group in the farm. — Photo vnmedia.vn

THANH HOA (Biz Hub) — The People's Committee of the central province of Thanh Hoa recently approved investing in agriculture projects for property developers FLC Group and Vingroup.

FLC was allowed to invest in the 1,300 hectare Lam Son agricultural farm project in Ngoc Lac District's Lam Son Commune, which includes 530 hectares of rubber and 530 hectares of sugarcane.

Meanwhile, Vingroup received permission to invest in Song Am agricultural farm, with an area of 1,000.26 hectares located in eight communes in Ngoc Lac and Tho Xuan Districts.

The enterprises were required to complete documents, commit financial obligations and follow the progress of the projects. They were also asked to send their plans to the province's Appraisal Committee before submitting them to the provincial People's Committee, and then the Ministry of Agriculture and Rural Development.

Le Khac Hiep, vice chairman of Vingroup's board of directors, said that Thanh Hoa had a strong potential for the production and development of high technology agricultural products. He also said Vingroup expected to receive capital from MTV Song Am Joint Stock Company to establish a two-member limited company to produce hi-tech agricultural products for exports.

FLC's deputy general director, Dang Tat Thang, also said that FLC appreciated the potential of investing in the agricultural sector and made similar investments in the past.

"With the high potential of the agricultural development of Thanh Hoa, and much support from the province, FLC has even more determination to invest here," he said.

This is the second time the two enterprises have invested in Thanh Hoa. FLC built FLC Sam Son, with an area of 200 hectares and a total investment of VND5,500 billion (US$250 million). It also developed the FLC Complex Thanh Hoa, which covers an area of more than 1.6 hectares and has an investment of VND1,200 billion (over $54.5 million).

In April, Vingroup was approved to build an administration centre for Thanh Hoa in Dong Hai Commune in an area of 2.33 hectares with planned six-storey and 11-storey buildings, along with a convention centre covering an area of 1.87 hectares.

After completing it, Vingroup is to build a 25-story commercial area and hotel in an area of 5,500 square meters, and a commercial building of more than 15,000 square meters at the site of the old administration centre in Dien Bien District. — VNS

Comments (0)