Puratos Group and Grand-Place Holding, two Belgium suppliers of materials and ingredients to the food industry, have signed an agreement to set up a joint venture in Vietnam with an investment of US$10 million for the next five years.
Under the agreement, which will take effect in January, the new company Puratos Grand-Place Vietnam will invest in three different lines of business bakery, patisserie and chocolate. Puratos owns 70 percent of the joint venture.
The companies said the new investment will allow them to expand production and establish a research and development center in Vietnam.
They also plan to upgrade Grand-Place's cocoa factory in the southern province of Ben Tre, allowing the new joint venture to become a leading supplier of cocoa products in Vietnam.
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