The largest privately-owned Vietnamese company, Vingroup, announced that it will purchase Israeli technology to be used in its agricultural projects.
Israeli figures estimate that Vingroup’s use of Israeli technology could mean a bankroll of tens of millions of dollars in sales, intellectual property fees, services and equipment in the years to come.
Pham Nhat Vuong, the firms founder and chairman, announced that Vingroup would develop commercial farms using Israeli, Dutch and Japanese technology. Vingroup was founded in 1993.
Vuong said he was impressed by the fact that Israel was yielding 300 to 700 tons of tomatoes per hectare, against Vietnam’s 30-60 tons.
The aim is to supply fresh produce on a consistent basis and at low costs to its developing supermarket chain and for export. Vingroup ended 2014 with a net profit of US$178 million and is the biggest private-sector taxpayer in the country.
