AsemconnectVietnam - T&T Group of Vietnam pledged to import raw cashew nuts from Guinea Bissau with an annual volume of 150,000-200,000 tons in 2018 and the following years under a memorandum of understanding on agribusiness signed in Hanoi on August 6.
The signatories were Guinea Bissau Minister of Trade, Tourism and Handicrafts Vicente Fernandes, and the Chairman of Board of Directors and CEO of T&T Group Do Quang Hien.
The Guinea Bissau government is committed to ensuring output, quality, delivery deadlines and payment channels.
Guinea Bissau is currently the fifth largest raw cashew nut producer in the world.
During the working session the same day, the two sides also discussed the possibility of exporting Vietnamese rice to this African nation’s market in the years to come. T&T Group vowed to provide training in the field of agriculture, and technology transfer to Guinea Bissau.
Addressing the signing ceremony, Minister Vicente Fernandes said that Guinea Bissau and Vietnam have many similarities as they are both agricultural countries. Guinea Bissau has a relatively high demand or rice imports while Vietnam is one of the world's top rice exporters.
In the opposite direction, Vietnam has a great demand for imported raw cashew nuts while Guinea Bissau is a large exporter of the farm produce, thereby affording the two countries huge opportunities for broader agricultural cooperation in future.
The partnership between the Government of Guinea Bissau and the T&T Group of Vietnam marks a new step of development in bilateral cooperation. Apart from agriculture, both sides also have plentiful opportunities for stronger cooperation on other areas such as infrastructure development, seaports, and human resource training, said Minister Vicente Fernandes.
The Guinea Bissau Minister said he believes that with T&T Group experience in finance-banking, investment, insurance, import-export, the cooperation between the two sides would be successful, yielding good results.
In his remarks, Deputy Minister of Industry and Trade Do Thang Hai highlighted the great potential for rice and cashew exports between both sides, adding that T&T Group is a large reliable private economic group operating in multiple sectors in Vietnam.