CP Vietnam Corporation, a unit of the SET-listed Charoen Pokphand Foods Plc (CPF), will beef up expansion into food processing from live animals to cater to demand from that country’s growing middle class.<\/p>\n
“In the foreseeable future, the group’s business here will focus more on food processing and ready-to-eat food, while brands and marketing will become more important in Vietnam,” said Sooksunt Jiumjaiswanglerg, the chief executive of CP Vietnam Corporation (CPV).<\/p>\n
The company, formerly known as CP Vietnam Livestock Corporation, is a leading integrated livestock and aquaculture concern in the country.<\/p>\n
Established in 1993, CPV’s integrated livestock and aquaculture businesses span the entire food production chain _ the manufacture and distribution of animal feed, the breeding and farming of livestock and aquatic animals and the processing and production of meat and packaged food products.<\/p>\n
Currently, 90% of CP businesses in Vietnam are concerned with animal feed, feed meal and aquatic animal farming, with food processing and ready-to-eat food accounting for only 10%.<\/p>\n
CPV saw strong growth in each of the past five years, averaging 29% annually.<\/p>\n
Last year, the company achieved revenue of 30 trillion dong (44.4 billion baht), up by 50% from 2010.<\/p>\n
The company projects revenue growth of 15% this year.<\/p>\n
“Vietnam’s economic growth is forecast at 6% next year, and the country is rich in marine natural resources,” said Mr Sooksunt.<\/p>\n
“This rising affluence will result in an expansion in financial services and basic sectors such as food and beverage.”<\/p>\n
With 68% of the country’s 90 million residents under the age of 40, Vietnam’s expanding workforce is expected to drive consumer spending over the next 10-15 years, he said. Vietnam’s middle class comprises 7 million families, with the number expected to double in five years.<\/p>\n
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