Construction begins on Vietnam’s biggest investment project in Russia
PM Nguyen Xuan Phuc on May 18 attended a ground-breaking ceremony
of a milk production complex in Volokolamsk village, Moscow.
This is Vietnam’s first milk production project in Russia and the country’s largest outward investment.
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PM Nguyen Xuan Phuc at the ground-breaking ceremony of a milk production complex in Volokolamsk village, Moscow, May 18, 2016. |
With US$500 million poured in the first phase,
Vietnamese TH-True Milk expected to churn out the first bath of
milk products to the Russian market by mid-2017.
The total investment would increase to US$2.7
billion after ten years when the third phase ends with 350,000 cows
and a projected milk output of 5,900 tons per day. The Vietnamese group
also intends to establish a distribution chain to 300 True Mart shops in
Russia.
Addressing the event, PM Phuc praised the effort of TH True Milk to bring “Made in Vietnam” products to other countries.
The Vietnamese Government pledges to create favorable ways for the project, he affirmed.
The PM also took the occasion to seek the support from Moscow’s local authorities for the project.
The Ministry of Planning and Investment reported
that Russia ranked 17th out of 112 countries and territories investing
in Vietnam with 114 valid projects and a total register capital of
US$2.08 billion. These projects chiefly focused on energy, mining,
manufacturing, and services.
Meanwhile, Vietnam has 20 investment projects
worth US$2.93 billion in Russia, focusing on gas exploitation and
exploration and services.
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