HO CHI MINH: Coffee and pepper producer Phuc Sinh Corp will receive a US$25 million loan from Sail Investments’ Netherlands-based & Green Fund.
The Ho Chi Minh City-based company, which also exports chilies, cashew nuts, cassia and other products, is the first Vietnamese company to get direct support from the environmentally focused foundation, Phuc Sinh said in an emailed statement. It will use the funds to ensure deforestation-free coffee supply chains, the company said.
Founded in 2017, Sail’s & Green invests in agricultural enterprises that meet ESG standards to promote green economic development, environmental protection, and climate change mitigation, according to its website. Vietnam is one of ten jurisdictions the fund is investing in.
Vietnamese businesses have been under growing pressure to implement ESG practices as global investors push for both profits and sustainability. The South-East Asian nation has said it aims to reach the goal of net-zero carbon emissions by 2050. – Bloomberg
