Under the deal, THACO will be responsible for the overall restructuring of the HAGL Agricultural JSC with a total investment of approximately VND12 trillion (US$514.7 million).
In addition, THACO and Dai Quang Minh Real Estate Investment JSC, where THACO holds 90% of charter capital, will be responsible for the development of Phase 2 of the HAGL Myanmar project in the Southeast Asian nation, with total investment of US$320 million. The project will be completed by 2020.
In his remarks at the event, Prime Minister Nguyen Xuan Phuc said he is delight to see a leading industrial enterprise and a large scale agricultural model of Vietnam shaking hands in a large-scale hi-tech agricultural project.
He expected that the cooperation between ambitious leaders of the two companies would help boost the development of agriculture and industry in Vietnam, Laos and Cambodia.
He described the collaboration as a new inspiration for domestic companies to innovate, merge and cooperate for development.
The PM said he hopes that the agreement will set the model for the application of advanced technology in agriculture, and also the tendency to shift investment flows in agriculture and call on big businesses to invest in agricultural development.
Also at the event, Chairman of HAGL Group Doan Nguyen Duc and THACO Chairman Tran Ba Duong presented financial aid to Lao people affected by the Sepien-Senamnoi hydropower dam break last month.