Prime Minister Pham Minh Chinh (third, right) and Ministry of Planning and Investment Nguyen Chi Dung (second, right) at the signing ceremony between staBOO Holdings AG and Sao Thai Duong, in Davos, Switzerland, on January 17, 2024. Photo: VGP

StaBOO Holdings AG, a subsidiary of BARD AG specializing in research, development and production of high-end interior products, will build a VND3,000 billion ($122.2 million)  bamboo processing factory in Vietnam’s Thanh Hoa province.

The factory is designed to produce 225,000cubic metrers of chipboard panels and OSB plywood from bamboo a year. It is expected to consume between 1,000 and 2,000 tonnes of bamboo a day and generate more than 3,000 jobs.

A document to this effect was signed by representatives of StaBOO Holdings AG and Sao Thai Duong (Sunstar) Investment Joint Stock Company in Davos on January 17 in the presence of Vietnamese Prime Minister Pham Minh Chinh who was in Davos for the 54th annual meeting of the World Economic Forum.

Marcus Bards, chairman of the Board of Directors of staBOO Holdings AG, highly appreciated Vietnam’s investment environment, and noted that Vietnam has great potential for developing the furniture industry, especially from bamboo and bamboo raw materials.

StaBOO Holdings AG wishes to make long-term investment for the green and sustainable development of Vietnam - one of the countries with the largest bamboo area in the world, Bards said.

Prime Minister Pham Minh Chinh for his part welcomed staBOO’s cooperation with the Vietnamese partner to build the factory using environmentally friendly materials and modern technology.

He proposed that the two sides cooperate closely to implement the project effectively and successfully in Vietnam, contributing to enhancing the value of the products and exporting Vietnamese bamboo products, especially to the Middle East.

As Vietnam prioritizes projects with advanced technology, modern management, and added value, he asked the Swiss firm to comply with environmental regulations, train human resources for local workers, and support Vietnamese businesses to engage in the firm’s production and supply chain globally.

The PM assured that the Vietnamese side would assign relevant agencies to support the company in undertaking the project in accordance with the law.

Source: VOV