BANGKOK — Thailand’s Charoen Pokphand Foods is boosting investment into Vietnam, marking one of the first big moves to piggyback on Vietnamese access to Trans-Pacific Partnership countries since the pact took effect at the turn of the year.
CP Foods, part of Thailand’s biggest conglomerate, Charoen Pokphand Group, will invest more than $200 million to create an export hub for its poultry and pork business. The project represents a significant inflow into Vietnam, equal to more than 25% of the total invested by Thai companies between 2015 and 2017.
The Thai company is hoping to take advantage of the free trade agreement which came into effect at the end of last year, which offers Vietnam advantageous trading terms with such countries as Japan and Australia, as well as Mexico and Canada. Thailand has yet to join the TPP.