Food Empire (SGX:F03), which operates a portfolio of instant beverages, snack foods, and food ingredients, will invest $80 million in a new freeze-dried coffee plant in Binh Dinh, Vietnam, according to a Wednesday filing on the Singapore Exchange.

Construction will start in Q1 2025, with completion expected by early 2028.

This facility, Food Empire's second for freeze-dried coffee, will improve the company's position in Asia's coffee market. It will surpass the capacity of their existing plant in India.

Funding will come from internal resources and bank loans. The move aligns with Food Empire's strategy to expand its ingredients business and tap into Vietnam's coffee production.

The company recently announced plans for a coffee-mix plant in Kazakhstan and a partnership with Ikhlas Capital to grow in Southeast and South Asia.