The Vietnamese vegetable oil industry has revealed plans to invest VNÐ350bn (US$23m) in a bid to raise annual output to 420,000 tons, or a total value of VNÐ3.68 trillion, by 2005.
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The industry currently records an annual output of 249,000 tons, which is sold locally and exported to foreign markets, generating total revenue of VNÐ2.34 trillion last year.
Vietnam’s nine cooking oil producers currently satisfy 96-98% of domestic demand, although the Ministry of Agriculture & Rural Development is hoping that per capita consumption of vegetable oil will reach 4.5 kg in 2005, compared with 3.5 kg this year.
