A rice joint venture specialising in rice processing and export has been reached between Cambodian and Vietnamese companies, according to Vietnam Food Association.
The Cambodia - Vietnam Foods Company (Cavifoods) is a joint venture between the Investment and Development Company of Cambodian (IDCC), with 33 percent stake, Vietnam’s Southern Food Corporation (Vinafood II), with a 37 percent stake, and Cambodia’s Green Trade Co, with a 30 percent stake, said the association’s chairman, Truong Thanh Phong.
With registered capital of 8 million USD, the Phnom Penh-based Cavifoods specialises in the investment, processing, storage and exportation of rice.
The joint venture contract for Cavifoods, the first cooperation in rice production between the two ASEAN countries, was signed in October 2009, with a licensed period of 99 years.
The rice cooperation was approved by the government of Cambodia and Vietnam, said Phong.
He said the company had been building a rice processing plant, warehouses, instant noodle and bread plants, and a rice purchasing nerwork./.