Bunge invest in soy processing in Vietnam
US agricultural company Bunge Ltd said that a subsidiary had begun construction of a $100 million integrated soybean processing plant in Vietnam and production would start in 2011.
Bunge said it would install a 3,000-tonne-per-day crushing line in the first phase of the plant while it was working on an oil distribution strategy, and it hoped to further develop its existing meal distribution network in Vietnam.
Despite the global economic slowdown, Vietnam's demand for vegetable oil for consumers and protein for livestock had continued to grow at double-digit annual rates, it said.
"Vietnam remains one of Bunge's best growth opportunities," Christopher White, CEO of Bunge Asia, said in a statement.
The plant, built by subsidiary Bunge Vietnam, will be about 70 km southeast of Vietnam's commercial hub, Ho Chi Minh City, in an area with significant feed-milling and oil-refining operations that form the foundation of the plant's prospective customer base, the company said.
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