On July 19, president of Tongwei Corp Guan Yawei and general manager of Vietnam Nhut ThanhTan signed a land lease agreement at Vietnam s Tan Huong Industrial Park in Tien Giang Province on behalf of the two companies. The land was used to build a large modern aquatic feed processing plant. Following the establishment of YUEHUA Aquatic Feeds a JV with Hengxing in Vietnam in April of 2007, Tongwei Corp had officially made the decision to establish a wholy-owned overseas subsidiary also in this country. Present at the signing ceremony as guests included former deputy president of Tien Giang Province NPC Standing Committee Deng Qingzhong, former director of Tien Giang Province Industrial Zone Management Council Fan Wenkai and president assistants of Tongwei Corp Song Gangjie and Li Gaofei.
The new plant Tongwei is set to build is located in Tien Giang within the Mekong Delta. Covering an area of 7 hectares, the project with an annual capacity of 300,000 tons will take in a total investment of USD 10 million. As planned, it is expected to start producing freshwater, seawater feeds and shrimp feeds at the end of 2008. By then, various provinces in the Mekong Delta of Vietnam will be supplied with sufficient quality aquatic feeds; and, hopefully, some will be even exported to the adjacent neighboring countries.
At the flag-raising ceremony on July 23, Chairman Liu Hanyuan said the development in the Vietnamese market could help create new growth points for both sales and profits of Tongwei Corp s feeds business; securing a strong foothold in Vietnam would lay a solid foundation for Tongwei to build up an overseas troops and become a global operator. He also called on the entire Tongwei staff to go all-out to support this project.
