|The signing of co-operation agreement between TH Group and Moscow Oblast is expected to help the Vietnamese firm expand its market in Russia. — Photo baodautu.vn
HA NOI (VNS)— The TH Group, one of Viet Nam's leading milk suppliers, will invest US$2.7 billion in a cow breeding and dairy processing facility in Moscow.
The project is part of a co-operation agreement signed between TH Group's Chairman Thai Huong and visiting Governor of Moscow Oblast Andrei Vorobyov on Thursday, in the presence of Prime Minister Nguyen Tan Dung.
The TH Group will complete the necessary procedures by the end of this year to launch the project next April. It is scheduled to launch the first batch of TH milk in Russia in the middle of 2017.
Once completed, the 140,000ha project is estimated to house 350,000 cows and have total capacity of processing 5,900 tonnes of fresh milk per day or nearly 1.8 million tonnes per year.
Thai Huong, who was named in the Asia's Power Businesswomen 2015 list by Forbes in March this year, said this was the largest investment project on food by a Vietnamese firm in Russia.
Governor Andrei Vorobyov placed high value on the project and said it was due to the bilateral relationship between two countries which had been enhanced to a comprehensive strategic partnership by the leaders of two sides.
The project will similarly be carried out with the group's central Nghe An Province-based feeding farm, which was recognised as Asia's largest hi-tech farm by the Asia Book of Records.
Earlier, Minister of Agriculture and Food of the Moscow Oblast Dmitry Stepanenko visited the farm in Nghe An Province, reported baodautu.vn.
He expressed his view on the farm's scale as well as expertise and technology of experts and staff who were working here.
He said the Moscow Oblast would support the group to develop its business in the region, including a direct support of three roubles on each litre of milk, according to the baodautu.vn. — VNS