IFC invests $52 mln in agri-producer Mavin
The World Bank’s investment arm IFC has pumped $52 million into Mavin Group in Vietnam to support the corporation in expanding sustainable pig farming.
The investment is part of its African Swine Fever (ASF) Regional Recovery Program, IFC said in a release Sunday, noting that Mavin was considered Vietnam’s largest producer of veterinary products with 400 distributors nationwide.
Mavin has four business units - pork production, meat processing, feed mill operation and veterinary health products manufacturing - located across the country.
The three pig breeding farms of Mavin supported by the IFC investment are a 62-hectare farm in K'Bang district, Gia Lai province; a 100-hectare farm in Anh Son district, Nghe An province; and a farm of 45 hectares in Dong Thap province’s Cao Lanh district.
IFC said the farm expansions are projected to increase Mavin’s breeding herd by 7,500 head (to a cumulative breeding stock of around 15,600) and gilt raising capacity by 72,000 head (to a total of about 87,400 head). The increase in breeding stock is expected to result in a threefold increase in Mavin’s contracted porker farms to 150 operating units by 2025, or around 900,000 head.
For these contracted pig farms, two models apply, according to the IFC. The first approach is for already constructed facilities, and Mavin engages directly with the operators and will sign contracts with the businesses for a period of three to five years.
In the second approach, which is for new constructions, Mavin will identify a suitable location and require the landowner to build a facility to the company’s technical specifications with an agreement to engage in contracted farming once the site is constructed.
The Hanoi-based Mavin Group had announced this IFC investment in May. “IFC’s support in financing and their knowledge and expertise can help us become the leader in safe food production under the "From Farm to Table" supply chain in Vietnam and assist Mavin meet international best practices in pig farming," group chairman David John Whitehead had said then.
The group, established in 2004, has four subsidiaries: Mavin Farm, Mavin Feed, Mavin Food and Mavin Vet. The first is one of Vietnam’s main pork producers, while Mavin Feed operates five mills across Vietnam with an annual production capacity of 1.24 million tons of animal feed.
Mavin Food operates one meat processing factory in northern Vietnam’s Ha Nam province with a production capacity of 10,000 tons per annum. The last unit runs the Cai Lay Veterinary Pharmaceutical JSC in the Mekong delta province of Tien Giang, producing antibiotic and nutrient treatment products for livestock.
In another news, the Asian Development Bank (ADB) said it has approved a $20-millon loan to support Vietnamese carmaker VinFast’s operation and expansion in the country.
ADB said the loan will be used for the production of electric vehicles, scooters, buses, electric vehicle charging stations, battery manufacturing facilities and other electric vehicle-related activities.
The ADB also disclosed Thursday that it has proposed to extend a loan of about $91.4 million to renewable energy developer AC Energy’s wind power developments in Vietnam. The proposal consists of $35 million in ordinary capital sources and a B loan of $56.4 million. AC Energy is the electricity platform of the Ayala Group, one of the Philippines’ largest conglomerates.
B loans, also called term loans, are ones made by institutional investors whose primary goal is to maximize the long-term total returns on their investments. B loans typically mature within six to seven years. Interest rate margins on them are higher than the interest rate margin on A loans and any revolving credit loan under the same loan agreement.
- Read More
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7
Vietnam’s emergence as regional manufacturing hub a significant logistics opportunity: SuperPort exec
Southeast Asia’s rise as a vital logistics hub with Vietnam positioned as a key manufacturing center presents a significant business opportunity, says Yap Kwong Weng, CEO of Vietnam SuperPort.
Companies - Thu, October 31, 2024 | 9:01 pm GMT+7
Indonesia steps up support for textile industry
Indonesia’s President Prabowo Subianto held a close-door meeting with several ministers on Tuesday to discuss the current situation of Indonesia's textile industry, particularly focusing on textile giant Sri Rejeki Isman (Sritex).
Southeast Asia - Thu, October 31, 2024 | 6:01 pm GMT+7
Thailand speeds up plans to construct six new airports
Thailand’s Transport Ministry is accelerating development and construction projects on six airports with an aim to become the region's transportation hub.
Southeast Asia - Thu, October 31, 2024 | 6:00 pm GMT+7
Thailand develops eco-friendly seaport model
Thailand is striving to implement environmental protection and social sustainability solutions in developing the country’s major infrastructure projects, such as the development of Phase 3 of Laem Chabang Port, Thailand's only deep-sea port.
Southeast Asia - Thu, October 31, 2024 | 5:58 pm GMT+7
Indonesia intensifies oil palm cultivation to meet biodiesel demand
Indonesia is expanding its oil palm cultivation to increase crude palm oil (CPO) production as a raw material for 50% biodiesel (B50), according to the country’s Ministry of Agriculture.
Southeast Asia - Thu, October 31, 2024 | 5:56 pm GMT+7
Malaysia’s first domestic EV model opens for booking
The Malaysian multinational automotive company Proton's first electric vehicle (EV), the e.MAS 7, is now open for booking.
Southeast Asia - Thu, October 31, 2024 | 5:54 pm GMT+7
Thailand aims to become emerging leader in AI
Thailand is positioning itself as an emerging leader in artificial intelligence (AI) regulation and development, thanks to policies that support an approach that balances technological innovation with ethical considerations and workforce protection.
Southeast Asia - Thu, October 31, 2024 | 5:53 pm GMT+7
Vietnam PM calls for more investment from Qatar’s $475 bln sovereign wealth fund
Vietnamese Prime Minister Pham Minh Chinh has called on the Qatar Investment Authority (QIA), Qatar's sovereign wealth fund with total assets amounting to $475 billion as of 2023, to ramp up its investment in Vietnam.
Industries - Thu, October 31, 2024 | 4:43 pm GMT+7
FPT Retail earns $6.5 mln in Q3 profit, to expand FPT Shop chain
Vietnamese retail major FPT Retail made a profit after tax of VND165 billion ($6.52 million) in the third quarter of this year, while it incurred a loss of VND13 billion ($514,000) in the same period last year.
Companies - Thu, October 31, 2024 | 3:56 pm GMT+7
Germany’s PNE opens rep office for $4.6 bln offshore wind project in central Vietnam
Germany’s PNE AG, a leading developer of renewable energy projects, has shown its determination to proceed with a mega offshore wind power project in central Vietnam by opening a representative office there.
Energy - Thu, October 31, 2024 | 2:43 pm GMT+7
Saudi Arabian energy giant ACWA Power ready to invest $5 bln in Vietnam
Saudi Arabian private energy giant ACWA Power stands ready to invest up to $5 billion in Vietnam, a senior executive said Wednesday.
Industries - Thu, October 31, 2024 | 2:39 pm GMT+7
Effective M&A deal depends on thorough understanding, value addition potential: Kido exec
An effective M&A transaction depends on fully understanding the company being acquired in order to create added value, says Kido Group CEO Tran Le Nguyen.
Companies - Thu, October 31, 2024 | 1:22 pm GMT+7
No budget apartments in Vietnam, chronic supply-demand gap widens
Vietnam saw no supply or transaction of low-cost apartments priced below VND25 million ($988) per square meter in the third quarter, says a real estate report by the Ministry of Construction.
Real Estate - Thu, October 31, 2024 | 1:10 pm GMT+7
Vietnam steel major SMC remains bogged down with difficulties
Steel manufacturer SMC Trading Investment JSC has been actively selling assets to generate cash for debt repayment and maintain operations since the beginning of this year.
Companies - Thu, October 31, 2024 | 10:41 am GMT+7