On June 19, under xem ty le keo witness of Deputy Prime Minister of xem ty le keo Socialist Republic of Vietnam – Mr. Vuong Dinh Hue, together with Mr. Kwak Young Kil, Chairman of Aju Communication Group and Oriental Express Foundation, President of Vietnam – South Korea Economic and Cultural Exchange Association, An Phat Holdings and TLC Company (Korea) have signed a Memorandum of Understanding (MoU) on xem ty le keo Strategic Cooperation in xem ty le keo research and production of AnBio compostable materials in Korea and Vietnam.
According to this strategic cooperation, An Phat will contribute 51% of xem ty le keo capital to TLC Company for xem ty le keo two parties to implement xem ty le keo following strategic objectives:
– Producing AnBio compostable materials and products made from these materials for Korean market
– Establishing R&D Center (Research & Development) in Korea for AnBio compostable materials
– Investing in building a compostable factory in Vietnam, estimated value of USD 100 million. This will be xem ty le keo first plant to produce PBAT (a bioplastic) in Southeast Asia, xem ty le keo design capacity will gradually increase and is expected to be 50,000 tons / year by 2025, foremost providing products for Asian markets.
xem ty le keo strategic cooperation with TLC is a new step of An Phat Holdings in an effort to expand xem ty le keo international market and diversify products made from AnBio compostable materials as well as participating in xem ty le keo global protection environment value chain.
An Phat has paid much attention to South Korean market as well as maintaining good cooperation with many South Korean customers.
About two years ago, Samsung Securities Company Limited, a subsidiary of Samsung Group, introduced to more than 300 investors in South Korea about xem ty le keo opportunity to invest in An Phat Bioplastics (AAA), owned by An Phat Holdings. In February 2018, a South Korean investment fund named Valuesystem invested US $ 15.6 million, equivalent to VND 353 billion into An Phat Holdings. Also in 2018, An Phat Holdings officially opened a representative office in South Korea with xem ty le keo purpose of understanding xem ty le keo market, customers’ needs for packaging products, especially products made from AnBio compostable materials. After a period of research, An Phat Holdings found that South Korean market is very attractive for producing compostable products, and TLC plays a vital role to accomplish this goal. Since then, An Phat Holdings and TLC have worked together for over 6 months to appraise xem ty le keo project, design appropriate business models along with planning xem ty le keo project strategies.
As part of xem ty le keo strategy to expand and develop compostable products globally, in addition to cooperating with TLC in South Korea, An Phat is also planning to build a specialized factory in producing compostable products and environmentally friendly ones in xem ty le keo US, named An Phat USA. xem ty le keo plant is expectedly invested with a line of modern machines and advanced technology. It is estimated that xem ty le keo products will be mainly provided to xem ty le keo North American market.
Currently, An Phat is xem ty le keo first manufacturer in Vietnam to be granted xem ty le keo TUV Vincotte OK HOME COMPOST international certificate for AnEco compostable products (compostable bags, gloves …). An Phat is also xem ty le keo only enterprise in Vietnam and one of xem ty le keo five Asian representatives joined in xem ty le keo European Bioplastic Association.
