Investment
Filipino JG Summit Holdings supports Vietnam’s tea industry development
To date, JG Summit has invested US$200 million in Vietnam, employs 3,000 people and exports 50% of its products manufactured in Vietnam.
JG Summit Holdings, one of the largest Filipino investors in Vietnam, proposed to invest in the country’s tea industry through public-private partnership (PPP) contracts towards sustainable development, according to Lance Y. Gokongwei, the group's CEO.
Additionally, JG Summit Holdings has a program to boost plastic waste recycling and is currently part of alliances sharing the responsibility of tackling plastic waste and participating in initiatives under the Fourth Industrial Revolution, said Gokongwei in a meeting with Prime Minister Nguyen Xuan Phuc on June 17.
The company, which started investing in Vietnam’s food and beverage industry in 2003, has been listed among top 300 Asian companies nominated by Nikkei Asian Review, informed Gokongwei, saying the company has been boosting exports and promoting its “Made-in-Vietnam” products in 10 markets.
To date, JG Summit has invested US$200 million in Vietnam, employs 3,000 people and exports 50% of its products manufactured in Vietnam.
Vietnam’s PM Phuc said the country’s export processing has huge potential for development, while the government has been pushing for exporting goods with high added value.
Phuc asked the company to ensure food safety and environmental protection during its production process, suggesting the JG Summit develop other products in Vietnam for export.
The government would create favorable conditions for the company’s success, Phuc said.
Phuc informed that Vietnam is working toward the abolishment of single-use plastic products, and requested JG Summit to join the effort and reduce the use of plastic packages.
JG Summit’s success in Vietnam would contribute to greater economic relation between Vietnam and the Philippines, Phuc asserted.
Prime Minister Nguyen Xuan Phuc and CEO of JG Summit Lance Y. Gokongwei. Source: VGP.
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The company, which started investing in Vietnam’s food and beverage industry in 2003, has been listed among top 300 Asian companies nominated by Nikkei Asian Review, informed Gokongwei, saying the company has been boosting exports and promoting its “Made-in-Vietnam” products in 10 markets.
To date, JG Summit has invested US$200 million in Vietnam, employs 3,000 people and exports 50% of its products manufactured in Vietnam.
Vietnam’s PM Phuc said the country’s export processing has huge potential for development, while the government has been pushing for exporting goods with high added value.
Phuc asked the company to ensure food safety and environmental protection during its production process, suggesting the JG Summit develop other products in Vietnam for export.
The government would create favorable conditions for the company’s success, Phuc said.
Phuc informed that Vietnam is working toward the abolishment of single-use plastic products, and requested JG Summit to join the effort and reduce the use of plastic packages.
JG Summit’s success in Vietnam would contribute to greater economic relation between Vietnam and the Philippines, Phuc asserted.
