Stevia Corp., a farm management company focused on the economic development of stevia, the fastest growing product in the alternative sweetener sector, is pleased to advise of its recent entry into a Memorandum of Understanding ("MOU") with Taekyung Nongsan Co., Ltd.
Taekyung Nongsan is a subsidiary of NongShim Holdings Co. Ltd., a South Korean conglomerate whose subsidiaries include NongShim Co., Ltd., South Korea's largest processed food manufacturer specializing in instant noodles and snacks. Taekyung Nongsan manufactures food ingredients, which include seasonings, extracts and flavors, spices, soups, sauces and more.
Under the terms of the MOU, the parties intend to negotiate and enter into a definitive agreement whereby Stevia Corp will grow and supply agri-crops under its Stevia Quality Mark program emphasizing sustainable agriculture practices. As part of the agreement, Taekyung Nongsan proposes an initial purchase order of 1,000 tons of crops, with a desire to enter into a long-term collaboration to meet the demand and quality standards of the Korean market including forming potential joint ventures and other business arrangements to develop post-harvest processing and manufacturing capabilities.
George Blankenbaker, Stevia Corp. President, comments, "We are honored by the opportunity to work with Taekyung Nongsan and the NongShim group and are proud that they have recognized Stevia Corp as a valuable partner to establish production in Vietnam. A lot of credit goes to our Vietnam team which has worked hard to establish Stevia Corp as a credible supplier and partner to international companies that want to source quality products from Vietnam and ensure that they meet international standards."
Mr. Blankenbaker concludes, "Many people believe Vietnam is the next Asian Tiger and with the rising production costs in China and other Asian countries, many international companies are now looking to Vietnam as the next low cost supplier. As international companies seek out potential local partners that have the ability to consistently produce high quality products that meet international standards, we believe there will be a growing opportunity for Stevia Corp to leverage its position to continue attracting an increasing demand of international buyers."
