Brazilian meatpacker JBS (JBSS3.SA), opens new tab announced that it will invest US$100 million to build two factories in Vietnam, aiming to expand its presence in Southeast Asia and strengthen its position in the global market.
According to a statement from the company, the plants will produce beef, pork and poultry, and will mainly use raw materials imported from Brazil. The goal is to supply Vietnam and other countries in the region.
The agreement was formalized on Saturday through a memorandum of understanding with the Vietnamese government, JBS said. Reuters reported last week that JBS was considering the deal.
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