Phuc Sinh has secured an investment of up to $25 million from SAIL Investments. (Photo: Phuc Sinh)
On August 15th, Phuc Sinh Corp., a Vietnamese agricultural product trading company, announced that it has received a green investment of up to $25 million from the Dutch & Green Fund. This marks the first time a Vietnamese company has achieved such a milestone.
The funds will be used to expand the sustainable coffee supply chain and reduce deforestation. This not only proves that Vietnamese enterprises' sustainability actions are being recognized but also highlights the carbon reduction pressures of exporting to European and American markets.
Phuc Sinh sets the bar with $800M in sustainable investments
According to its official website, Phuc Sinh Corp. was established in 2001 and specializes in the import and export of spices and agricultural products. With over 20 years of experience in coffee bean production and processing, it is also the first trader to export freeze-dried green peppercorns to the United States and the European Union. The company has an annual export total of $300 million, with coffee accounting for 60%, pepper for 30%, and other spices making up the remaining 10%.
Green supply chains are becoming a global mainstream trend, and purchasers are increasingly requiring Phuc Sinh’s products to meet ESG standards, with some even demanding that 50% of products achieve sustainability standards. This has prompted Phuc Sinh to successfully transform, including becoming one of the first Vietnamese companies to receive Rainforest Alliance certification in 2014.
Chairman Phan Minh Thong believes that Phuc Sinh's long-term commitment to ESG work is the main reason for receiving investment from the & Green Fund. He stated at a press conference that since 2010, the company has invested $800 million to seek ESG experts and promote sustainable development.
Phuc Sinh's sustainable development gains international recognition
Phuc Sinh is considered a pioneer in digital transformation in agriculture, establishing a traceable, deforestation-free supply chain for the Vietnamese coffee industry. It plans to set up a new coffee factory in Dak Nong Province in 2024 and continue to expand its export of sustainable coffee beans.
Phan Minh Thong has also pledged to make the company publicly listed in Vietnam within four years.
Natalia Pasishnyk, Sustainability Director of the & Green Fund, stated that Phuc Sinh's leadership, persistence, passion for sustainability, and financial transparency were key factors in the decision to invest after a month of research.
The & Green Fund, part of the Dutch Sail Investments sustainable investment management company, primarily invests in companies that produce raw materials without deforestation and has already invested in three agricultural product companies in Southeast Asia.
Sorce: Vietnam+、Phuc Sinh、Bloomberg、The Investor
