Vinafood 2 to supply rice for Philippine firm

bizhub

Viet Nam Southern Food Corporation (Vinafood 2) has signed a Memorandum of Understanding (MoU) with the Philippine firm AgriNurture Inc to become an exclusive supplier of long-grain rice for this company starting next year.

In the first half of 2018, Vinafood 2’s revenue reached nearly VND7.45 trillion (US$317 million), a year-on-year increase of 68 per cent. — Photo cafef.vn

Viet Nam Southern Food Corporation (Vinafood 2) has signed a Memorandum of Understanding (MoU) with the Philippine firm AgriNurture Inc to become an exclusive supplier of long-grain rice for this company starting next year.

This supply deal is worth US$1 billion, according to the Philippine news website BusinessMirror.

Under the MoU, AgriNurture Inc is set to import as much as two million metric tonnes of rice annually from 2019.

This co-operation will help address the Philippines’ rice supply issues, said a representative of AgriNurture Inc.

“The terms and conditions of the exclusive supply agreement shall be finalised in accordance with applicable Philippines laws, including but not limited to, the proposed rice tarification bill,” AgriNurture said in a disclosure to the local bourse on Monday.

As regards Vinafood 2, in the first half of 2018, the corporation’s revenue reached nearly VND7.45 trillion (US$317 million), a year-on-year increase of 68 per cent and its gross profit was VND659 billion, up 3.3 times over the same period last year. — VNS

  • Share:

see also

Garment industry urged to gain self-sufficiency in raw materials for UK expansion

Garment industry urged to gain self-sufficiency in raw materials for UK expansion

Việt Nam’s garment and textile industry needs to develop a closed-loop supply chain with a focus on obtaining self – sufficiency in raw materials in order to meet the rules of origin under the UK – Việt Nam Free Trade...
Việt Nams growth prospects remain resilient amid global challenges: forum

Việt Nam’s growth prospects remain resilient amid global challenges: forum

Việt Nam’s economy is expected to exceed 7 per cent growth this year and continue rising next year, despite uncertainties from a potential second Trump presidency and global economic challenges, experts said.
Bình Dương takes advantage of opportunities from EVFTA, UKVFTA

Bình Dương takes advantage of opportunities from EVFTA, UKVFTA

Bình Dương has a trade surplus with many markets that have signed and implemented free trade agreements with Việt Nam, such as the UK and the EU.
Cà Mau strives to become a renewable energy export hub

Cà Mau strives to become a renewable energy export hub

The province encourages the unlimited development of renewable energy sources for export, provided energy security and economic efficiency are maintained. By 2031, Cà Mau aims to export 2,000 MW of renewable energy, increasing to 3,000 MW by 2035 and 5,000...
NA Standing Committee gives nod to the foundation of an investment support fund

NA Standing Committee gives nod to the foundation of an investment support fund

It is necessary to issue a decree on the foundation, management and use of the investment support fund to attract strategic investors and multinational corporations to Việt Nam, the National Assembly Standing Committee agreed at a meeting on Wednesday afternoon.