Vietnam’s T&T Group has signed a contract to purchase a world record number of 176,000 tons of raw cashew nuts with the Cereals and Other Produce Board of Tanzania (CPB).
T&T Group's expert checks the quality of Tanzanian cashew nuts.
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Vietnam currently is one of the largest importer of raw cashew nuts and also exporter of cashew globally, serving as a bridge to establish a global supply chain for the world cashew market between raw cashew nuts exporters such as Ivory Coasts, Nigeria, Mozambique, Benin, and processing countries (Vietnam, India) and final markets.
Representative of T&T Group and Tanzanian government.
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In this regard, T&T Group’s deal has provided much needed amount of cashew nuts for Vietnam’s cashew sector and cement the country’s status as one of the largest cashew vendors in the world, accounting for 60% of global production, according to statistics from Vietnam Cashew Association (Vinacas).
On March 20, in Abidjan, T&T Group signed the first agreement to purchase 50,000 cashew nuts with group of exporters from Ivory Coasts and Ivory Coast's Cotton and Cashew Council (CCA).
Last August, T&T Group also signed a memorandum of understanding (MoU) with Guinea Bissau to import raw cashew nuts with an annual volume of 150,000-200,000 tons per year.
As of August 2018, T&T Group had imported 20,000 tons of raw cashew nuts from Ivory Coasts and 24,000 tons from Guinea Bissau to the Vietnamese market.
Taking into account 176,000 tons from this contract, total supply of cashew nuts by T&T would reach 220,000 tons, or 15% of total cashew nuts imported to Vietnam.
