US agriculture firm eyes hi-tech expansion in Vietnam

Vietnam is a potential market with a large labor force and suitable climate, especially in the Mekong Delta region, to grow rice and corn. Photo by Shutterstock/Sirisak Baokaew

Its Asia Pacific president Peter Ford said recently that the company plans to use an undisclosed investment to raise awareness of farmers and let them try out new hybrid seeds and new methods, including monitoring farming land with unmanned aircraft, which could increase productivity by 15 percent. 

Vietnam is a potential market with a large labor force and suitable climate, especially in the Mekong Delta region, to grow rice and corn, Ford said. Last year, Vietnam and other Asian countries contributed over 10 percent of the company’s revenue, or $1.4 billion.

Ford said that Vietnam was an attractive market for the U.S. and Japanese agriculture companies which are acquiring stakes or setting up their own subsidiaries, while local firms are investing in high tech agriculture development.

This is why Corteva Agriscience, one of the largest agriculture firms listed on the New York Stock Exchange, is considering shifting its investment to Vietnam to avoid trade tariffs as the U.S.-China trade war escalates, he added.

The company is present in over 140 countries. It has two offices and one research center in Vietnam.

Vietnam’s agriculture exports last year reached a record-high $40 billion, making the country the 15th largest exporter of agriculture produce in the world, according to the Ministry of Agriculture and Rural Development.

Source: VnExpress