Vingroup, the leading property developer in Vietnam, has decided to fund 1,000 farmers across the country to supply safe agricultural products for the domestic market.
The real estate conglomerate will support farmers through its agricultural business unit VinEco which was founded last year with total capital of VND2 trillion (US$89.7 million).
In the first year, Vingroup said it will invest a total VND300 billion (US$13 million) in hands-on training for farmers on how to grow safe crops by using advanced techniques.
The goal is to produce safe vegetables and fruits in compliance with the VietGAP and GlobalGap farming standards to ensure food safety, according to an online statement released by the company.
All farmers who have at least one hectare (2.47 acres) of farm land and are committed to growing clean produce will be eligible to get financial support from Vingroup.
The company has also pledged to help farmers to distribute their products through its Vinmart supermarket and Vinmart+ convenience stores.
Under the program, Vingroup will apply the QR code to trace the origin of its produce which includes the exact location of the land plot where it was planted, nutritional information and the source producers.
This is to reassure consumers about food safety, Vingroup's vice chairman Le Khac Hiep said, and to help Vietnamese farmers get access to technology to increase quality and productivity.
Previously, Vingroup decided to allow local fresh foodstuff suppliers to stack and sell their products at its 700 mini-marts throughout the country without paying a single cent of rebate for a year.
Vingroup has shown ambition to tap into the agriculture business by setting up large-scale farms for fruits, vegetables and other agricultural products.