CP Foods to open poultry plant in Vietnam
CP Foods, part of the Thai conglomerate Charoen Pokphand Group, is continuing its worldwide expansion with an investment in a poultry facility in Vietnam. The company will invest more than $200 million to create an export hub for its poultry business. The Thai company is hoping to take advantage of the free trade agreement which came into effect at the end of last year, which offers Vietnam advantageous trading terms with such countries as Japan and Australia, as well as Mexico and Canada, according to Nikkei Asian Review. In April, CP Foods announced the acquisition of Canadian pork producer HyLife for 498 million Canadian dollars ($372.79 million).
The completed chicken factory in Vietnam will have a processing capacity of 1 million chickens per week. The meat produced here will be exported to Japan, the Middle East, and Europe.
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