With a total investment of VND3 trillion (around $127 million), the factory will specialise in producing particleboards and OSB plywood panels. The factory has a designed annual capacity of 225,000 cubic metres of chipboard panels and OSB plywood made from bamboo. It is expected to consume 1,000-2,000 metric tonnes of bamboo per day and create over 3,000 jobs.

The MoU signing was witnessed by Vietnamese Prime Minister Pham Minh Chinh, who was in Davos for the 54^th annual meeting of the World Economic Forum.

Marcus Bards, chairman of the Board of Directors of staBOO Holdings AG, lauded the investment environment in Vietnam.

"Vietnam boasts ample potential for developing the furniture industry, especially in terms of bamboo raw materials. Therefore, staBOO wants to make a long-term investment in the green and sustainable development of the country, which has one of the world's largest bamboo areas," he said.

PM Chinh proposed that the two sides collaborate closely to implement the project effectively and successfully, contributing to improving the value of Vietnamese bamboo exports, especially to the Middle East.

He further noted that Vietnam is placing priority on projects with cutting-edge technology, modern management, and added value. Thus, he asked the Swiss firm to abide by environmental regulations, develop local human resources, and facilitate Vietnamese companies in joining the firm’s production and supply chain.

The PM pledged that Vietnam will assign the appropriate organisations to assist the Swiss company in implementing the project in line with the laws.