Seafood firm to build factory in Russia

Friday, Sep 19, 2014 17:29

Hung Vuong Co workers process seafood. The company plans to build a factory in Russia next year. — Photo

HCM CITY (Biz Hub) ─ The Hung Vuong Joint Stock Company plans to build a US$30-million seafood processing plant in Russia, beginning early next year, reported Dien dan Doanh nghiep (The Business Forum) online.

Hung Vuong's Company General Director Duong Ngoc Minh announced the plan after attending a seafood trade fair in Russia earlier this week.

The scheme to build the plant is based on an agreement for co-operation on industrial zones, signed between HCM City and Russia's capital, Moscow. The agreement aims to create jobs for Vietnamese labourers in Russia, Minh added.

He pointed out that enhancing the quality of Vietnamese packaged seafood exports and utilising the diversified seafood material in Russian waters will help the plant to meet the Russian consumer demand.

He added that Vietnamese seafood is likely to be sold across Russia, and not just in Moscow, as the sanctions imposed by the United States and European nations have reduced Russia's seafood imports.

Last year, Hung Vuong exported seafood worth $200 million to Russia and European countries, according to Minh.

The company is based in the Mekong Delta province of Tien Giang. Its shares fell one point to close at VND28,500, or $1.35, per share on Friday on the HCM City Stock Exchange. ─ VNS

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