Philippine company eyes investment in Vietnam’s tea industry

Monday, 2019-06-17 17:52:37
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Prime Minister Nguyen Xuan Phuc (R) hosts President and CEO of JG Summit Holdings, Inc. Lance Y. Gokongwei (Photo: VNA)
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NDO/VNA – JG Summit Holdings, Inc., one of the biggest Filipino investors in Vietnam, hopes to invest in sustainably developing tea business in the country, particularly via the participation in public-private-partnership projects.

President and CEO of the group Lance Y. Gokongwei revealed the intention while being received by Prime Minister Nguyen Xuan Phuc in Hanoi on June 17.

Welcoming trade-investment cooperation between Vietnamese and Philippine firms, PM Phuc said he wants to hear about difficulties facing JG Summit in Vietnam.

Gokongwei informed his host on the operation of the group in Vietnam so far.

The company, starting its operation in the local food-beverage industry in 2003, has promoted its made-in-Vietnam products across 10 nations worldwide. With a workforce of 3,000 hands and an accumulated investment of US$ 200 million to date, JG Summit exports half of its products manufactured in Vietnam.

Gokongwei said the group has a programme on boosting plastic waste recycling and has joined alliances that fight plastic waste.

Phuc said Vietnam has potential in export processing and encourages JG Summit to study new Vietnamese products to be processed for export. He affirmed that investors could be worry-free investing in Vietnam.

The leader stressed the production process needs to ensure food safety and protect the environment.

Noting that Vietnam is working to eliminate single-use plastic products, the Government leader wanted JG Summit to join the effort.