Vietnam-based polyethene terephthalate (PET) packaging firm Ngoc Nghia has secured a $21.4m private equity investment from a consortium, led by VinaCapital Vietnam Opportunity Fund (VOF).

As part of the investment deal, VOF will offer $17m for an undisclosed stake and will receive two positions on the board.

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VOF managing director Andy Ho said: “Ngoc Nghia is the perfect example of a market-leading company we like to invest in. It is well-established and serves some of the sectors that are benefitting from Vietnam’s strong domestic consumption story.

“Its management team is experienced and recognises the need to innovate into new areas such as packaging for milk and alcoholic beverages.

“They evolve with the market, which is why they have invested in advanced equipment and have a strong commitment to research and development, focused on minimising environmental impact. We look forward to working with them to take their company to its next stage of growth.”

Ngoc Nghia chief executive officer La Bui Hong Ngoc said: “As we looked at expanding our manufacturing capabilities, as well as our market penetration, particularly in northern Vietnam, we considered a range of financing options.

“Ultimately, we determined that VinaCapital’s strong track record of private equity investing provided not just the capital we need but also a partner with the experience that will enable us to meet our long-term business objectives.”

Ngoc Nghia produces preforms, bottles, and closures across three manufacturing facilities with an annual capacity of 3.7 billion.

The company is based in Ho Chi Minh City. It expects to generate $74m in revenue this year from its core PET business.

Ngoc Nghia provides services to various international and domestic clients, including Unilever, Coca-Cola, Pepsi and Vinamilk.