HCM CITY — Lộc Trời Group Joint Stock Company signed an agreement on February 21 with international companies Corteva Agriscience (US), Bayer CropScience (Germany), Map Pacific (Singapore), and UPL (India) to source agricultural materials.
It also signed credit agreements for VNĐ5 trillion (US$219.4 million) with Vietcombank, HDBank, TPBank, and Maritime Bank for its production activities.
Lộc Trời seeks to reduce the annual release of one million litres of chemicals into farms, and for this has tied up with companies such as Corteva Agriscience, Bayer CropScience, Map Pacific, DEVI Cropscience (India), and UPL to distribute crop protection and care products that strike a balance between organic, biological and chemical.
The use of a mobile application and QR codes to trace the origins of each product in the distribution of the crop protection and care products makes it easy for farmers to obtain planting area codes and traceability for agricultural products.
Lộc Trời Agricultural Research Institute researches into and produces biologically derived plant protection products and makes organic and inorganic fertilizers, including from straw.
By 2030 its biological, organic and microbiological goods are expected to account for 40 per cent of its total plant protection products.
Huỳnh Văn Thòn, its chairman, said, “This is the next strategic step in our journey to improve the Lộc Trời agricultural eco-system by increasing the efficiency of large-scale agricultural production, thereby increasing the competitiveness of Vietnamese agricultural products in the global market.” — VNS