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The MoU allows the two companies to set up a 50-50 joint venture, whose total investment capital is not disclosed. According to a source at NutiFood, the joint venture project could be worth tens of millions of U.S. dollars.
The purpose of the venture is to take advantage of each other’s strengths. NutiFood is one of the leading companies producing dairy products and nutritious organic foods, while Backahill has a deep understanding of the international market and can help export NutiFood’s products to European and Asian markets.
NutiFood sees the cooperation agreement as a further step in expanding its business to reach the global market since its certification by the Food and Drug Administration (FDA) to export its products to the U.S. market.
Tran Thanh Hai, board chairman of NutiFood Corporation, said NutiFood had made a very quick decision after meeting with the chairman of Backahill Company, as it had recognized the collaboration as an opportunity to take another step forward in serving the global market.
Hai stated that Foodhills, a subsidiary of Backahill, runs a green industrial park that is suitable for agriculture development and organic dairy farms. “This (park produces) good input material for NutiFood for the production of nutritious foods for sale not only in Vietnam but also in the European and Asian markets,” Hai remarked.
Erik Paulsson, chairman of Backahill Company, explained why the company chose NutiFood, noting that the local company had been established by nutritionists with many years of experience in producing and selling dairy products, as well as exporting those products to several countries.
He pointed out that NutiFood’s strengths lie in producing nutritious foods, having operated within the sector for many years as one of the most recognizable brands in Vietnam. The company’s FDA certification is seen as a stamp of approval for exporting products to the large potential market. Besides this, NutiFood’s financial capacity was also a major draw for the Swedish partner.
Backahill Company engages in real estate investment, property management and development projects in Sweden. In 2016, Backahill established Foodhills Company, which is now setting up an industrial park for agriculture development and is calling for experienced investors to sign up.