It is the first time Phuc Sinh Group has received foreign investment after 22 years of operation. The company has yet to unveil the name of the foreign fund as well as the number of stakes it plans to sell.

Phan Minh Thong, general director of Phuc Sinh Group, said, "The company has fared well in many aspects, including sustainable development, factories, workforce, etc. Leveraging the extensive experience and new investment, the company is expected to rise to a higher level."

"Over the past 13 years, many groups, financial companies, and banks have approached us. However, we have recently found a suitable partner. The foreign fund believes that Vietnamese agricultural firms have not been evaluated properly and are priced cheaply compared to companies in Thailand, Malaysia, Indonesia, and the Philippines. We also feel satisfied with the valuation of about $320 million," he added.

Indeed, Vietnam's agricultural sector is developing strongly, with ample opportunities to pull in foreign capital. This is particularly true post-pandemic, when Vietnam receives more attention from customers by supplying food and agriproduces to many countries around the world. The investment in Phuc Sinh sends a positive signal for Vietnam's agricultural sector to lure more foreign capital.

In recent years, foreign direct investment capital into Vietnam only accounts for 0.97 per cent of the total capital. There are few European-invested projects in the sector. European projects are mainly allocated to three sectors: manufacturing and processing, electricity production and distribution, and real estate.

Phuc Sinh is building a sustainable development system based on environmental, social, and governance criteria to promote green agriculture and a circular economy in Vietnam. This is in line with sustainable development trends around the world.

In 2023, Phuc Sinh will continue to maintain its position as Vietnam's leading spice exporter, with a growth rate of 18 per cent on-year.