CNC International Nutrition JSC inaugurated a VND500 billion ($20.84 million) animal feed factory in Hai Duong late last week, its second in the northern province.
The 3.3-hectare facility, located in the Ba Hang Industrial Park, has a monthly capacity of 40,000 tons of products.
Established in 2014, the Vietnamese company expanded its output from 50,000 tons in 2014 to 130,000 tons in 2020. With its latest facility, it aims to reap a revenue of VND2,200 billion ($91.69 million) in 2023 and VND3,000 billion in 2025.
"This is one of the biggest and most modern animal feed facilities in Vietnam, and it is invested by a well-known brand," Duong Tat Thang, head of the Ministry of Agriculture and Rural Development's department of livestock production, said at the inauguration ceremony.
The country currently has 269 animal feed factories, with output expectedly reaching 22.5 million tons this year, nearly half the total capacity of 43.2 million tons, according to Thang.
"The sector has grown at 5-6% annually in the last decade, with robust domestic and foreign investments," he added.
Vietnam spent $10 billion on importing 22.3 million tons of materials for animal feed in 2021, Deputy Prime Minister Le Van Thanh told the National Assembly meeting in June, adding that imports account for 60% of the total animal feed materials.