Vietnamese agricultural company Hoang Anh Gia Lai Agriculture (HAGL) has revealed that it is investing some US$42m in 5,000ha of land in Cambodia to increase its banana production.
The majority of the banaans produced will be shipped to China, Retail News Asia reported.
However, chief executive Doan Nguyen Duc said that the company was keen to reduce its reliance on the Chinese market, where it currently sends 240,000 tonnes of bananas, by shifting 20 per cent of exports to South Korea.
Originally a leading Vietnamese property developer, HAGL now grows fresh produce including bananas, passion fruit and dragon fruit.
