staBOO Holdings AG, under Swiss firm BARD AG, and Vietnamese partner Sao Thai Duong Investment JSC on Wednesday signed a memorandum of understanding (MoU) on building a VND3-trillion ($122.2 million) factory in Vietnam’s central province of Thanh Hoa.
Executives of the two sides signed the MoU in Davos on the sidelines of Prime Minister Pham Minh Chinh’s activities at the World Economic Forum (WEF). The factory has an annual capacity of 225,000 cubic meters of chipboard panels and OSB plywood, with the input of 1,000-2,000 tons of bamboo daily and employment of 3,000 people.
Marcus Bards, chairman of the Board of Directors of staBOO Holdings AG, highlighted Vietnam’s advantages for the project, including the high quality of bamboo for interior furniture manufacturing. As a result, the firm eyes long-term investment in Vietnam, helping the country’s sustainable growth.
For his part, PM Chinh lauded the Swiss firm’s target of using eco-friendly materials and high technology in the factory. He proposed the two sides cooperate for successful deployment, toward exporting products to Middle East nations. The Vietnamese authorities will facilitate the investment, the government chief added.
Chinh also urged staBOO Holdings AG to focus on training the local workforce and helping Vietnamese businesses join the firm's global supply chain.