T&T Group purchases Ivory Coast’s entire stock of raw cashew nuts
Vietnam’s multi-sector T&T Group has purchased the Ivory Coast’s entire stock of raw cashew nuts, or 150,000 tonnes, under a contract signed with the African country late last month.
Hanoi (VNA) - Vietnam’s multi-sector T&T Group has purchased the IvoryCoast’s entire stock of raw cashew nuts, or 150,000 tonnes, under a contractsigned with the African country late last month.
The majordeal comes after the group’s world-record purchase of 176,000 tonnes of rawcashew nuts from Tanzania last year.
A portionof the imported nuts will be processed by the T&T Group for export, whilethe remainder will be distributed to other domestic producers.
The purchaseis expected to help stabilise prices and fuel the growth of cashew nutprocessing in Vietnam.
Cooperationwith the T&T Group brings opportunities and timely support to cashew nutexporters in the Ivory Coast, according to Adama Coulibaly, Director General ofthe Ivory Coast Cashew & Cotton Council.
Tanzaniaand the Ivory Coast are now Vietnam’s main suppliers of raw cashew nuts.
The T&TGroup has been the country’s biggest trader of cashew nuts, importing rawproducts and re-exporting processed products. It traded more than 260,000tonnes with foreign partners last year, accounting for roughly 13 percent of Vietnam’stotal.
In thefirst seven months of this year it imported and exported close to 337,000tonnes, or more than 40 percent of the volume nationally.
It plansto import an additional 120,000 to 150,000 tonnes of raw cashew nuts by the endof this year.
The groupis committed to building a processing facility in the Ivory Coast, with adesigned capacity of up to 50,000 tonnes of raw cashew nuts per year./.
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