The three-day Belt and Road Forum has led to the signings of a few new commercial deals.
New Hope Group, China’s leading dairy and agro-pastoral company, signed deals with three local governments in Vietnam on Thursday for pig-farming projects worth over 1.15 billion yuan ($170.76 million).
As in China, pigs are important local livestock in Vietnam, where pork plays a major role in cuisine.
The company will provide piglets to local partners, who will raise the pigs. New Hope will also be responsible for the pigs’ sales once they are grown. The projects will begin operation in 2021.
The move is part of New Hope’s long-term overseas strategy. In 1999, the company set up its first international feed company in Ho Chi Minh City. Last year, the company's feed business in Vietnam booked a total revenue of more than 2 billion yuan.
People familiar with the industry told Caixin pig-farming in Vietnam lacks professional management, which means there are ample opportunities for leading Chinese players.