BAT, Vietnam's Vinataba tie up

Sat, 25 Aug 2001, 00:00 WIB | Source: AFP

LONDON (AFP): Tobacco giant BAT said Friday it had sealed a
deal to help develop Vietnam's tobacco industry through a new
joint venture with Vinataba, Vietnam's biggest tobacco company.

The venture is the first involving a foreign partner and the
state-run tobacco outfit, which has a 57-percent market share.
Vietnam's 80-million strong population consumes some 58 billion
cigarettes a year.

BAT said it would invest US$40 million to establish the joint
venture, which will aim to develop Vietnam's domestic tobacco
growing industry to reduce its reliance on imported tobacco leaf.

The joint venture, to be called British American Tobacco-
Vinataba (JV) Ltd, will also construct a tobacco processing
factory in Dong Nai, a province south of Ho Chi Minh City.

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