Vietnamese conglomerate, the Truong Hai Group Corporation, better known as the THACO group of companies, has unveiled plans to expand its agricultural business within Cambodia before the end of this year.
According to a press release from the firm circulated in Vietnamese media, the Cambodian expansion will include two fruit and livestock production farms and processing facilities, requiring the recruitment of several thousand local employees.
The plan aims to bolster regional supply chains for the diversified group of companies in neighbouring markets, to improve its overall production capacity.
As announced by the group’s agricultural sector subsidiary, THACO AGRI, in 2024 the company intends to invest $228.4 million to build a series of large-scale organic agricultural production complexes at various regional sites.
These new agricultural complexes will include one in the central highlands of Vietnam, two in Cambodian provinces and one in Laos.
However, The location of the newly slated Cambodian operations has not yet been announced.
According to the firm, the regional expansion will include 11,600 hectares dedicated to intensive banana production across the four new farms, 7,100 hectares of fruit tree farming integrated with cow breeding, and other livestock production.
Through the expansion, the firm seeks to increase total cow and pig stocks to 151,500 and 136,000 respectively, and animal feed output to attain an annual output of 120,000 tonnes.
THACO AGRI also intends to integrate high-value freshwater fish farming within the projects, including building fish hatcheries and facilities for mass farming of fish for meat.
Along with raw goods production, the firm also intends to improve its regional industrial agricultural production capacity, preparing goods for final sale on local and international export markets.
The firm’s plans therefore also include the construction of industrial clusters within new agricultural complexes, including facilities such as an agricultural equipment and machinery plant, a packaging plant and a plastic materials plant.
The company has also confirmed it is conducting ongoing research to develop an agricultural breeding centre able to apply advanced technology in agricultural production.
To manage the expanded operations, THACO AGRI has said it will recruit 12,600 new employees, mainly workers and technical staff in Cambodia and Laos, before the end of 2024.
The recruitment drive will take the THACO AGRI subsidiary’s total number of employees to 34,300 by the end of this year, and the THACO group’s total workforce to 65,520.
The firm stated that the overriding goals for the 2024 expansions include both investing and carrying out the new projects, while simultaneously enhancing human resource recruitment in these new operations to meet the firm’s long-term objectives.
First founded in 1997 by Tran Ba Duong, who is now THACO’s chairman, the firm began as a trade and repair company for second-hand cars.
With three offices across Vietnam and 25 years of experience, THACO has since grown into a multi-industry holding corporation across six core business industries.
THACO’s subsidiaries include automobiles, agriculture, agroforestry production, mechanics and supporting industries, investment and construction, logistics and commercial service.
While operating as individual subsidiaries, the six arms of the group function within an integrated and complementary group business model. (khmertimeskh)
