Dutch fund awards major grant to Vietnamese coffee producer
Saturday, 05/10/2024 08:45 (GMT+7)
In a significant boost to Vietnam's sustainable coffee industry, the Dutch Fund for Climate and Development (DFCD) has awarded a non-refundable aid package of 575,000 EUR (630,786 USD) to Phuc Sinh Corp to support its Environmental, Social, and Governance (ESG) initiatives in the coffee production, processing and export chain.
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| At the grant award ceremony (Photo: VNA) |
The grant, comprising 75% in cash and technical support, is the largest ever allocated to a Vietnamese company by the DFCD.
The DFCD, an initiative of the Dutch Government with a 160 million EUR budget, focuses on enhancing the resilience of communities and ecosystems vulnerable to climate change. Its priorities include clean water, environmental sanitation, forestry and sustainable agriculture.
Albert Bokkestijn, SNV-DFCD Project Manager, praised Phuc Sinh Corp as one of Vietnam's leading coffee processors and exporters, highlighting its pioneering role in obtaining the Rainforest Alliance (RA) certification.
Phuc Sinh General Director Phan Minh Thong announced plans to expand the number of households engaged in producing coffee certified as sustainable, saying that the company is also developing a traceability system to ensure transparency and integrity within its supply chain.
With the support of the DFCD, Phuc Sinh pledges to comply with the European Union Deforestation Regulation (EUDR), toward maintaining a sustainable flow of agricultural trade and ensuring farmers’ livelihoods, he said.
In addition to the DFCD grant, the corporation recently secured a 25 million USD investment from the Netherlands' The & GREEN Fund to drive the transformation of the coffee value chain into a sustainable, non-deforestation model./.
CPV (Source: VNA)