Dutch group to invest US$250 million to develop Binh Phuoc cashew brand

Friday, 2019-06-14 16:19:12
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Processing cashew nuts at a business in Phuoc Long town, Binh Phuoc province. (Photo: tuoitre.vn)
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NDO – Mekong Corporation Europe BV (MCE) will invest an amount of US$250 million, divided into components, in the development of the Binh Phuoc cashew trademark, said Marco Trimborn, MCE’s CEO for the European and Asian markets, during a working session with the Binh Phuoc provincial People’s Committee on June 14.

Trimborn hailed the Vietnamese locale’s potential for cashew development, voicing his wish to participate in developing Binh Phuoc cashew nut into an international brand.

He stated that MCE’s investment package will include the construction of a 10-hectare factory to manufacture refined oil from cashew nut shells for the European market, and a 190-hectare farm to grow model organic cashews, which will help orientate the development of safe cashew products for export and evaluate the possibility of expanding the high-quality material area in Bu Dang district’s Duc Lieu commune.

At the same time, MCE will support the development of a 5,000-hectare cashew material area in Bu Dang district’s Duc Lieu and Thong Nhat communes, which allows origin traceability and comply with strict import requirements into the European market, as well as the expansion of material zones in Phuoc Long town and the districts of Bu Gia and Bu Dop by an additional 200,000 hectares, Trimborn said.

He added that his firm will be a bridge for the exports of Binh Phuoc’s authorised cashew nuts into the European market, towards exporting organic cashew nuts and researching the exports of by-products from cashew.

At the working session, representatives of Binh Phuoc’s departments and branches provided information related to the province’s cashew development, asking the Dutch businesses to research specific investment measures to increase the value of cashew products.

The Dutch firms said that they would design appropriate investment plans in order to raise the value of cashew products and move towards exporting goods from the tree to the foreign markets.