Singapore firm to deploy $80 mln freeze-dried instant coffee project in central Vietnam

Future Enterprises Pte. Ltd, a subsidiary of Singapore-based Food Empire Holdings Group, has been licensed to build a freeze-dried instant coffee plant with an annual capacity of 5,400 tons in the central province of Binh Dinh.

Covering 7.1 hectares in the Becamex Binh Dinh Industrial Park in the Nhon Hoi Economic Zone, Van Canh district, the project has a total investment of over VND2 trillion ($80 million), of which over VND570 billion will be funded by the Singaporean firm and the remaining to be mobilized from external sources.

Its lifespan is from the date of obtaining the first investment license to August 3, 2070.

Construction on the plant is expected to begin in March 2025 and be completed in January 2028.

The licensing came after a meeting in June 2024 between Pham Anh Tuan, Chairman of the Binh Dinh People's Committee, and a delegation from Indus Coffee Company under Food Empire Holdings Group, who came to explore investment opportunities in this province.

Amrish Rungta, vice chairman of Food Empire Holdings Group, informed that Indus Coffee is a listed company with annual revenues of more than $250 million and a coffee leader in many countries.

Food Empire Holdings Group has established a modern production facility in India specializing in beverages, instant coffee, confectionery, and convenience foods. The group's products are sold in 60 countries around the world. It now boasts 18 representative offices and branches globally, including Vietnam.

Amrish Rungta said the group was looking for opportunities to develop an instant coffee processing factory covering an area of 8-10 hectares, with an investment of $80 million.

According to Nguyen Bay, director of the Binh Dinh Investment Promotion Center, since the beginning of this year, the province has attracted 39 investment projects (not including the above project), with total registered investment capital of more than VND4.84 trillion ($196.63 million).

Of which, 31 projects are in the industrial sector; three in agriculture, forestry and fisheries; two in port services and logistics; two in construction and infrastructure; and one in trade, services and tourism.

The province has also allowed investors to add more than VND1.92 trillion ($78 million) to existing projects.