Rice joint venture has been reached between Cambodian and Vietnamese companies

HCM City (VNA) – 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.-Enditem