Eco & Tech Co. Ltd., a South Korean provider of biotech solutions, will cooperate with Khanh Hoa province to build a $11-million primate farm for research purposes.
Leaders of the firm and the central province signed a cooperation agreement Monday to implement the project.
The 18.7-hectare will become the first farm in Vietnam meeting contract research organization (CRO) standards, supplying monkey for scientific research, the firm said.
The farm is a venture that marks the firm’s 10th anniversary, it added.
In the project’s second phase, the facility will have labs and research areas to study and manufacture medicines and vaccines.
The farm in Khanh Vinh district is expected to make Khanh Hoa province a top attraction for scientists and biotech businesses in the world.
Khanh Vinh district was chosen for the project because of suitable geographical and climate conditions and large area, said Eco & Tech president Leo Seung Hyeok.
The firm conducted thorough surveys in the area with the aid of Pasteur Institute Nha Trang, the executive added.
Khanh Hoa Vice Chairman Tran Hoa Nam said at the signing ceremony that the province has been cooperating with South Korean investors for over 20 years and would always facilitate investment from the East Asian country, especially in high-tech areas.