Under the agreement, around 10,000 smallholder farmers in Vietnam will benefit by developing sustainable rice production on 10,000ha of land.
The two sides agreed there are many opportunities to produce high-quality rice to increase farmers’ incomes and mitigate the impacts of climate change.
Huynh Van Thon, chairman and general director of Loc Troi JSC, which is based in the Mekong Delta province of An Giang, said: “This is a major step forward, which will help us gain access to a sustainable rice production program, achieve great connectivity, expand our market, and compete in the global rice market.”
"It also aims to help smallholder farmers adapt to and reduce the impacts of climate change and natural disasters," he said.
Phoenix Group chairman Gaurav Dhawan said the tie-up would help expand his company’s presence in Vietnam, adding that the group will also support Loc Troi Group promote Vietnamese rice in the global market.
Loc Troi, established in 1993, is a leading provider of agricultural services and products and a pioneer in building value chain models for sustainable rice production in Vietnam.
Phoenix Group is the world’s second largest rice company with 150,000ha of agricultural land in various countries around the world.
Source: VNA