PepsiCo Establishes New Facility in Northern Vietnam's VSIP BAC NINH
The signing ceremony was witnessed by the Prime Ministers of Vietnam and Singapore, Their Excellencies Mr Nguyen Tan Dung and Mr Lee Hsien Loong respectively, which took place during the sidelines of the ASEAN Leaders Summit in Hanoi.
Oct 29 2010 --- PepsiCo, the world's second-largest food and beverage business, has signed an agreement with the VSIP Bac Ninh Co. Ltd, to confirm its development of a state-of-the-art beverage production plant in the VSIP Bac Ninh Integrated Township and Industrial Park. The plant, which will produce popular carbonated and non-carbonated beverage brands including Pepsi, 7-Up, Mirinda and Sting, will form the first part of a $250 million investment program in Vietnam that PepsiCo is undertaking over the next three years. That investment was announced in August by Mr. Saad Abdul-Latif, chief executive officer of PepsiCo Asia, Middle East and Africa.
The signing ceremony was witnessed by the Prime Ministers of Vietnam and Singapore, Their Excellencies Mr Nguyen Tan Dung and Mr Lee Hsien Loong respectively, which took place during the sidelines of the ASEAN Leaders Summit in Hanoi. The Bac Ninh People’s Committee has also awarded PepsiCo International Vietnam Company with its investment certificate to support PepsiCo’s expansion in Vietnam.
The VSIP Bac Ninh facility will be PepsiCo’s largest production plant in Vietnam and its first company-owned production facility in the northern part of Vietnam. In August, 2010, PepsiCo pledged to invest US$250 million in Vietnam over the next three years, bringing its total investment in the country to more than US$500 million since PepsiCo products were first launched in Vietnam in 1994. The new investment will be allocated to a variety of PepsiCo projects, including increasing manufacturing capacity, adding marketplace equipment like coolers, further strengthening existing brands and broadening the company's product portfolio via innovative health and wellness product initiatives.
The VSIP Bac Ninh Integrated Township and Industrial Park is the third installment of the successful Vietnam Singapore Industrial Park (VSIP), which is a joint venture between a consortium of Vietnamese companies and a Singaporean consortium led by Sembcorp Industrial Parks. Sembcorp Industrial Parks’ Executive Chairman, Ms Low Sin Leng, who is concurrently the Co-Chairman of the VSIP Group, signed the agreement with Mr Chandrashekhar Mundlay, the President and General Director of PepsiCo International Vietnam Company.
Said Ms Low, “PepsiCo’s investment in VSIP is an affirmation of the Vietnam-Singapore joint effort and a testament to the VSIP’s value proposition of providing a world-class business environment which continues to be relevant and compelling to foreign investors.”
