Japan's Mizuho backs Vietnam confectionery firm
Pham Nguyen Foods, a known producer of choco pies and crackers in Vietnam, has received US$9.3 million from Mizuho Asia Partners Ltd., a wholly-owned subsidiary of Japan's Mizuho Financial Group, according to local media.
It was the first time the family-run company raised outside funding, news website Saigon Times Online cited the company's statement as saying on Friday.
The funding will allow Pham Nguyen to expand its activities, including production and distribution, according to the company, which currently owns more than 52,000 outlets around the country and ships its products to 15 countries around the world.
Pham Nguyen expects to achieve revenue of around VND800 billion (US$35.32 million) this year, up 23% from last year, the website reported.
