In 2019, T&T Group resonates in the international cashew industry with the deal of 176,000 tons of raw cashew nuts from Tanzania along with a commitment to invest in building a cashew processing plant in Ivory Coast with a capacity of up to 50,000 tons of raw cashew nuts each year. Currently, due to the effect of the Covid-19 epidemic, the project slowed down at the stage of survey and site selection. In the coming time, when the disease is controlled, the project will be accelerated to meet the market's demand.
2020 is a relatively tough year, however, T&T Group continues to buy 150,000 tons of raw cashew nuts from the Cotton and Cashew Council of Ivory Coast, process and export finished products and distribute them to other processors.
The contract signed between T&T Group and the West African nation's GIE-GEPPA Exporters Union, falls under the framework of a cooperation agreement signed between this group and the Ivory Coast Government.
This quantity of raw cashew nuts, after being imported to Vietnam, will be directly processed and exported by the corporation, and distributed to other cashew processors for export. In the context of complicated domestic cashew prices, many factories have to produce moderately because the price of raw cashew and kernel cannot be balanced, the contract to purchase 150,000 tons of raw cashews this time is considered meaningful, important and contributing to stabilizing the market and promoting the cashew processing and export industry in Vietnam.