‘Pepper King’ Phuc Sinh is the first agricultural enterprise in Vietnam, funded by nearly half a million euros non-refundable by DFCD Fund.
On October 4, Phuc Sinh received a funding package of nearly 575,000 euros (more than 15 billion VND) from the Dutch Fund for Climate and Development (DFCD), of which cash accounts for about 75% (more than 431,000 EUR), while the remaining is technical support to implement projects.
This is the first time a Vietnamese agricultural enterprise has received non-refundable capital from this fund. The funding package will help Phuc Sinh expand sustainable development projects, including anti-deforestation and initiatives related to ESG (environment, society – governance, traceability, farmer support).
Chairman of Phuc Sinh Board of Directors, Mr. Phan Minh Thong, said the company has made efforts to implement sustainable development programs over the past 16 years. DFCD Foundation surveyed and recognized these efforts when it came to Vietnam.
Mr. Phan Minh Thong – Chairman of Phuc Sinh Board of Directors spoke on the morning of October 4 at the announcement ceremony of receiving funding from DFCD. Image: Kim Yen
Mr. Albert Bokkestijn, SNV-DFCD Project Manager, said they chose Vietnam because of the strong development of the economy and agricultural products. DFCD aims for sustainable development and minimizing the impact of climate change.
Currently, Phuc Sinh is affiliated with more than 2,000 coffee growing households in Son La and has plans to expand to ensure sustainable production as well as increase farmers’ income.
DFCD is an initiative of the Dutch Government with a budget of 160 million Euro, aimed at strengthening the resilience of communities and ecosystems vulnerable to climate change, focusing on clean water, sanitation and hygiene. schools, forestry and sustainable agriculture.
Phuc Sinh Joint Stock Company, established in 2001, exports agricultural products to 102 countries.
Thi Ha