Global agribusiness and food company Bunge Limited has announced that its operating arm in Asia, Bunge Asia has acquired SSI Logistics, the move giving the company a fifty percent stake in Baria Serece, the owner and operator of Vietnam’s Phu My port.

The port, located on the Thi Vai River which is approximately 70 km from Vietnam’s capital, and near a large number of commercial feed mill operations, serves as a vital commodity entry  point to the country as it is the only commercial dry bulk port in Vietnam capable of receiving large Panamax-class vessels.

According to Bunge, the investment provides the company with a greater opportunity to serve customers in the growing market for agricultural commodities in Vietnam.  The country in 2005 having just over twenty percent of arable land and just under seven percent of land available for permanent cropping.

In 2004, Bunge secured exclusive access to the port for shipments of agricultural commodities. The acquisition off SSI Logistics, according to the company, will now enable Bunge to invest alongside its partners to expand the operation’s capacity and traffic.

Future plans for the Phu My port and its surrounds include adding new storage facilities and more efficient discharging equipment.  Bunge is also working on plans to construct a soybean processing plant within the site as well.

Source: PR Newswire and the United Nations Asian and Pacific Centre for Agricultural Engineering and Machinery

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