Philippine group eyes investment in Vietnam tea industry

JG Summit Holdings, Inc. hopes to invest in the sustainably developing tea business in Vietnam, particularly via public-private-partnership projects.

Lance Y. Gokongwei, President and CEO of the group, one of the biggest Filipino investors in Vietnam, revealed the plan during his meeting with Vietnamese Prime Minister Nguyen Xuan Phuc in Hanoi on Monday.

Welcoming trade-investment cooperation between Vietnamese and Philippine firms, Prime Minister Phuc said he is keen to learn of the difficulties facing JG Summit in Vietnam and called on the group to join Vietnam in eliminating single-use plastic products. Gokongwei said JG Summit has a program in place on boosting plastic waste recycling and has made alliances in the fight against plastic waste.

JG Summit is one of the top 300 conglomerates in Asia recognized by Neikkei Asia Review, Gokongwei said, adding that his company started its operations in Vietnam's food and beverage industry in 2003 and has promoted made-in-Vietnam products, accounting for half of its exports, to 10 overseas markets.

Source: VOV5