San Miguel has secured a lease for a new drinks factory in Vietnam. The Philippine conglomerate said yesterday that it had signed a 40-year lease agreement on a 100,000 square-metre property in the north of the country. The facility will be used to produce fruit-based drinks and bottled water.

Financial details regarding the lease were not released.

In a statement, San Miguel said: "The company's investment in Vietnam will allow the company to cash in on Vietnam's economic growth and prosperity, underscoring its confidence in the country and its seriousness in long-term investment."

Last year, the company disclosed plans to expand into seven countries in Asia, including China.