Bunge Agribusiness Singapore Pte. Ltd has entered a 10-year exclusive throughput agreement with Phu My Port in Vietnam.
The agreement between Bunge Agribusiness Singapore Pte. Ltd and Baria Serece Joint Venture Co, operator of Phu My Port, commits Bunge to use the port to supply its customers in Vietnam and provides Bunge exclusive access to the facility for shipments of agricultural commodities.
The two parties have also agreed to partner on future logistics improvements at the port.
Christopher White, Regional general manager Asia, said, “In the last five years, commercial feed production in Vietnam has grown at over 10% per year, and annual per capita growth in meat consumption has exceeded 7%. We believe that this growth will continue or even accelerate due to continued increases in population and per capita income.”