08:16 AM EDT, 03/22/2024 (MT Newswires) -- PepsiCo ( PEP ) plans to invest $390 million for two renewable energy-powered factories in Vietnam, the prime minister's office said following a meeting with business leaders on Thursday.

Ted Osius, a former US ambassador to Vietnam who now serves as president and chief executive of US-ASEAN Business Council, said at a conference hosted by Prime Minister Pham Minh Chinh that PepsiCo ( PEP ) would build a $90 million food processing plant in the northern province of Ha Nam and a $300 million beverage factory in the southern province of Long An.

PepsiCo ( PEP ) already operates five factories in Vietnam, Reuters reported.

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