Hanoi (VNA) - The Vietnam Nutrition Food JSC (Nutifood) on May 11signed a cooperation agreement with the provincial People’s Committee of DakLak to invest more than 1 trillion VND (44.1 million USD) in high-techagriculture.

Under the agreement, NutiFood committed to developing provincial high-techagriculture in the coffee industry by sowing seeds, cultivating, harvesting andprocessing. This is expected to improve productivity, increase the product’svalue and promote export activities to foreign markets.

In addition, NutiFood will invest in constructing a factory for processingcoffee products, leading to the establishment of a coffee brand associated withthe province’s geographical origin.

Nutifood is also designated to be the sole strategic shareholder of Phuoc AnCoffee Company through its purchase of 25 percent of the company’s shares, evenas it targets 51 percent in the future through auctions.

With the investment of NutiFood, Phuoc An will be required to meet conditionsto restructure, renovate and improve the efficiency of land use. On the basisof high-tech agriculture, the company can look towards organic and clean coffeeproducts, bring added value to agricultural products with high export value.

Nutifood’s board chairman Tran Thanh Hai said the company decided to invest inDak Lak’s high-tech agriculture to increase the value of Vietnameseagricultural products.

The cooperation also responded to the Prime Minister’s direction to leadVietnam towards becoming a modern and multifunctional centre for the supply ofhigh-tech agricultural products to the international market, Hai added.

In addition to promoting coffee plantation, Nutifood will conduct research andsurveys to apply hi-tech agricultural areas into the development of dairy cowsand raise the value of the agriculture sector for the province.-VNA