An agricultural plastic waste company has cleared the way for expanding business into Vietnam by signing a memorandum of understanding on investment during the International Exhibition on Environmental Technology held in Hanoi April 14-18, the Korea Environment and Resources Corporation announced Monday on May 15.

Dongbang Retech concluded the MOU with Seraphin, a Vietnamese waste recycler, under which the Korean firm is to invest $5 million for the establishment of a joint venture for waste plastic film from farms in Vietnam.

Thirty-six other Korean companies were among some 90 recycling firms from seven countries participating in the exhibition sponsored by the Vietnam Environmental Protection Agency. Business consultations totaling 81 projects worth $31 million were made between Korean participants and Vietnamese recyling-related companies.