IFC assists Vietnam with sustainable agricultural production
International Finance Corporation (IFC), a member of the World Bank Group, has invested 230 billion VND (approximately 10.2 million USD) in PAN Farm JSC to support the expansion of its seed business, which is suitable for local weather conditions in the Mekong Delta and the south central coastal regions.
Hanoi (VNA) – International Finance Corporation(IFC), a member of the World Bank Group, has invested 230 billion VND(approximately 10.2 million USD) in PAN Farm JSC to support the expansion ofits seed business, which is suitable for local weather conditions in the MekongDelta and the south central coastal regions.
The investment will help PAN Farm expand itsseed business via its subsidiary National Seed Corporation JSC (Vinaseed), thelargest producer and distributor of crop seeds in Vietnam.
Vinaseed holds 19 percent of the market share inrice seeds and 60 percent in white corn seeds.
Patented seed sales account for about 49 percentof its 2016 consolidated revenues, a figure expected to increase to 82 percentby 2020.
PAN Farm is a new subsidiary of the PAN Group, aleading Vietnamese agribusiness and food company.
This is IFC’s second investment in the group.
PAN Farm’s success in raising the capitalrepresents the potential of Vietnamese agriculture and the company tointernational investors, said Chairwoman Nguyen Thi Tra My.
IFC’s investment in PAN Farm with theirinternational experience in the agriculture sector will help PAN Farm expandits seed and horticulture business and apply sustainable farming practices andstandards, she added.
IFC’s funding will also support PAN Farm’s newhorticulture crops through its subsidiary PAN-SALADBOWL JSC and other jointventures to be established in the future.
PAN-SALADBOWL produces flowers for export toJapan and is entering the high quality fruit and vegetable market in Vietnam,leveraging its Japanese partners’ expertise in greenhouse cultivation.
IFC also provides advisory services to help PANFarm and its subsidiaries adopt international practices in food safety andenvironmental and social performance.
“Our priority is to support the Vietnameseagriculture sector by helping build productive, efficient and climate-resilientcrops,” said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Laos.
“With IFC’s support, PAN Farm’s food safety andenvironmental and social standards will match international best practices andboost local industry standards,” he added.-VNA
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Illustrative image (Source: VNA)
