A leader of Ministry of Planning and Investment (left) granted an investment license to Mai Hoang Anh, executive director of Vinamilk Co. — VNA/VNS Photo Duc Tam

HCM CITY (Biz Hub) – The Ministry of Planning and Investment has granted an investment license to Viet Nam Dairy Products Joint Stock Co. (Vinamilk) to build a dairy product processing factory in Phnom Penh, Cambodia.

The announcement came on Monday during an event held under the Viet Nam - Cambodia investment cooperation conference chaired by Cambodian Prime Minister Hun Sen and Vietnamese Prime Minister Nguyen Tan Dung.

The Vinamilk's dairy product processing factory project located in a special economic zone will be implemented in cooperation with Cambodia's Angkor Dairy Products Ltd.Co., a subsidiary firm of Cambodia's RSMK Group and the American Independent Business Association.

The factory, covering an area of nearly 30,000 sq.m, has total investment capital of US$23 million of which Vinamilk has contributed 51 per cent.

The factory will have a capacity of over 19 million litres of liquid milk per year, 64 million yogurt pots and 80 million condensed milk cans.

The company has set a target revenue of US$35 million by 2015 and $54 million by 2017. — VNS