Netafim Signs $17 Million Greenhouse Deal with Vietnam's Vingroup
Netafim, a leading provider of turnkey greenhouse projects, and the global leader in drip and smart-irrigation solutions announced today that it signed a $17 million agreement with Vingroup Joint Stock Company (HOSE: VIC), Vietnam’s largest publicly-traded real estate operator. According to the agreement, Netafim will supply greenhouse structures, drip products, climate control systems, growing platforms, know-how, and agronomic and support services for Vingroup.
This is the first deal between the two companies, and represents Vingroup's initial investment in the agricultural sector. Vingroup's new agricultural subsidiary, VinEco, will carry out the project, the first of several large-scale agricultural projects aiming to provide clean, fresh and high-quality fruits and vegetables to Vietnamese residents.
"This deal is one of Southeast Asia’s largest greenhouse projects and significantly strengthens our activity in Southeast Asia," said Netafim CEO Ran Maidan. "Over the last few years, we've seen increased modernization in the agricultural sector in general, and in greenhouse and irrigation in particular. We're proud to be partnering with Vingroup, one of the leading concerns in the region, and are confident in a long and fruitful relationship. This deal reinforces Netafim's leadership position in Southeast Asia, and solidifies our commitment to continue delivering smart irrigation solutions globally that enable farmers to grow more with less."
Vingroup and its subsidiaries (”The Group” or "Vingroup"), with a market capitalization of $3.2 billion as of June 24, 2015, are the largest listed developer and manager of real estate, hospitality and entertainment properties in Vietnam. The Group has developed a diversified portfolio across six business segments: property -- Vinhomes luxury apartments & villas, Vincom and Vincom Mega Mall shopping centers, and Vincom Office space for lease; hospitality and entertainment -- 5-star Vinpearl Resort, upscale Vinpearl Luxury resorts, Vinpearl Land amusement parks and family entertainment centers, Vinpearl Premium resorts and villas, and Vinpearl Golf Club; retail -- VinMart supermarkets, VinMart+ convenience stores, VinFashion, VinDS chain of specialty retail stores, VinPro electronics and appliance stores, and Adayroi comprehensive e-commerce platform. In addition, Vingroup participates in other segments aimed at improving the quality of life for the Vietnamese people. Among these segments are healthcare -- Vinmec quality healthcare services; education -- Vinschool quality education; and agriculture, the group's newest sector -- VinEco trusted quality source of food. Vingroup was listed on the HOSE on September 7, 2007. More information on the Group can be found at www.vingroup.net.
Netafim is the global leader in drip and smart-irrigation solutions, enabling to Grow More With Less. Netafim delivers innovative smart-irrigation so¬lutions to customers in more than 110 countries across the globe, through its network of subsidiaries, dealers and over 4,000 employees worldwide. Founded in 1965, Netafim pioneered the drip revolution, creating a paradigm shift toward low-flow agricultural irrigation. Today, Netafim is celebrating 50 Years of Shaping the Future, offering a wide range of state-of-the-art smart irrigation and complementary solutions for agriculture, landscaping and mining. From greenhouse systems, drippers and dripperlines, through sprinklers and micro-emitters, to crop management technology (CMT), Netafim's market-leading smart-irrigation solutions and services enable optimal and sustainable results. For more information, visit www.netafim.com.