Udeumji Farm Signs $14 Million Smart Farm Construction MOU with Vietnam BioWay Group

Global smart farm leading company Udeumji Farm announced on the 25th that it has signed a $14 million smart farm construction MOU with Vietnam's Bioway Group.

Participating as part of the Korea-Vietnam economic delegation, Udeumji Farm signed a comprehensive cooperation memorandum of understanding (MOU) with Bioway Group, an organic distribution company in Vietnam, regarding the introduction of smart farm technology and the Stevia Tomango project.

Udeumji Farm achieved results by participating in the Korea-Vietnam business consultation hosted by KOTRA, the Korea Chamber of Commerce and Industry's Korea-Vietnam business forum, and the MOU signing ceremony.

During this Korea-Vietnam economic delegation, Udeumji Farm attracted significant interest in Vietnam with its Korean-style semi-enclosed glasshouse smart farm capable of cultivating tomatoes even in summer, and the delicious and healthy Tomango.

Kang Sung-min, CEO of Udeumji Farm, said, "By utilizing the infrastructure that Bioway Group possesses and applying Udeumji Farm's Korean-style smart farm technology, productivity is expected to increase by more than 30%. Additionally, by leveraging the existing distribution network, there is an advantage in rapidly expanding Tomango production locally throughout the Southeast Asian region."

Cam Tien, Chairman of Bioway, stated, "If the already successful Udeumji Farm smart farm technology from Korea is transferred to Vietnam, it will greatly contribute to the development of Vietnamese agriculture. Furthermore, it can expand to Southeast Asian countries where Bioway has already entered, creating significant synergy."

Bioway Group is a company that produces and distributes microbial organic fertilizers, operating four factories across Vietnam, and cultivates and distributes tomatoes and melons in greenhouses larger than 10 hectares. Based on the High Speed Composting System, Bioway exclusively distributes tomatoes and melons within Vietnam.

The MOU signed by Udeumji Farm this time is intended to prepare for the expansion of demand in the Vietnamese smart farm market according to the introduction of Korean-style smart farms and agricultural technology transfer plans in Vietnam. In the future, it will enable participation in smart farm and Stevia projects worth approximately $14 million promoted by Bioway Group.

Meanwhile, Udeumji Farm is scheduled to be listed on KOSDAQ through the merger with Hana Financial 20th SPAC, with the expected listing date in September.