3 big Vietnamese firms join in $566mn cattle project
3 big Vietnamese firms join in $566mn cattle project
A multifaceted group has joined hands with a major dairy producer and a leading cattle-slaughtering company in a multi-million-dollar project that will raise cows and bulls for meat and milk in Vietnam's Central Highlands.
Hoang Anh Gia Lai Group, Vissan, and NutiFood inked the cooperative deal for the project that will include as many as 236,000 cows on Monday.
The property developer HAGL will cover half of the VND12 trillion (US$566.04 million) investment required to raise the cattle.
NutiFood will earmark VND5 trillion ($235.85 million) to set up a fresh milk and yoghurt manufacturing plant, using raw materials from the project.
Meat supplier Vissan will cover the remaining investment.
HAGL will raise 120,000 meat cattle of Australian breed to supply to Vissan, which will slaughter the animals and distribute their meat domestically, chairman Doan Nguyen Duc said.
It will also breed 116,000 dairy cattle imported from Australia to supply raw milk to the NutiFood plant.
The first batch of the meat cattle will arrive at HAGL’s farm in the Central Highlands province of Gia Lai by the end of this month, Duc said. They will be raised for seven months before being taken to Vissan.
The first dairy cattle imported from Australia are expected to arrive late this year.
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