Strategic advancement
Fresh Del Monte, a US food corporation with 135 years of experience, has just signed a strategic cooperation agreement with Truong Hai Group (THACO). According to agreement, Fresh Del Monte will purchase fresh bananas produced by THACO Agri (a member of THACO), with a minimum volume of 71,500 tonnes in the first year, equivalent to approximately 3,500 containers. After fresh bananas, THACO Agri plans to cooperate in pineapple cultivation for Fresh Del Monte on an area of over 2,000 hectares.
A representative from Fresh Del Monte stated that fresh bananas under Fresh Del Monte brand, produced by THACO Agri, will be exported to markets such as Hong Kong (China), Japan, South Korea, and subsequently the Middle East – markets where the group has a significant presence.
Regarding quality, Mr. Mohamad Abbas noted that many international consumers were previously unfamiliar with Vietnamese bananas, but based on consumption results in Japan, THACO Agri's products are considered premium, surpassing some fresh banana varieties from other countries in the region. Therefore, Fresh Del Monte expects a significant increase in fresh banana production from THACO Agri within the next few months, with a projected output of 240,000 tonnes per year in a short period.
Signing of the contract with Fresh Del Monte, a leading global supplier of fresh fruit and agricultural products, is seen as a guarantee of THACO Agri's product quality, result of over five years of strong investment by businessman Tran Ba Duong in industrialization of agriculture.
THACO Chairman Tran Ba Duong stated that in March 2024 and August 2025, THACO and THACO Agri leaders visited Fresh Del Monte's banana and pineapple production areas and processing plants in Costa Rica and the Philippines. Through field surveys and verification of export shipments to Japan, Fresh Del Monte highly appreciated THACO Agri's production, packaging and fresh banana quality. Consequently, two parties agreed to sign a long-term 10-year contract for purchase and sale of fresh bananas.
THACO Agri's 2026 production plan projects 512,000 tonnes of bananas, equivalent to 26,000 containers. The partnership with Fresh Del Monte accounts for only about 15% of the total output. The company aims to expand banana cultivation to 16,000 hectares in 2026 and 20,000 hectares in 2027. However, according to THACO Chairman Tran Ba Duong, this figure still represents only "a few percent" of global banana acreage, meaning Vietnam has enormous growth potential.
More notably, THACO not only produces bananas but also provides equipment and mechanization solutions to Fresh Del Monte. Accordingly, THACO will install the first automated banana packaging plant for Fresh Del Monte in August 2026. In the context of global agricultural production moving towards automation, this signals that Vietnamese businesses have stepped into a different role, becoming technology partners in the international supply chain.
A $15 billion/year market share
Global banana market is worth approximately $15 billion/year, with demand continuing to grow thanks to consumption in Asia and the Middle East. With over 161,000 hectares of cultivated land and a production of nearly 3 million tonnes in 2024, Vietnam is among the top 10 largest banana exporting countries in the world.
Vietnamese bananas have been exported to markets such as China, Japan, South Korea, the United States, ASEAN (Malaysia, Singapore), the EU, and the Middle East. Recent progress shows that Vietnam is gradually changing its position. In China, the world's largest banana market, Vietnam has surpassed the Philippines to take the lead with over 625,000 tonnes exported in 2024. In Japan, Vietnamese banana exports have increased nearly 14 times compared to 2019; in July 2025 alone, exports doubled in Tokyo. In South Korea, bananas are among Vietnam's top 3 exported fruits, reaching $233 million in the first six months of 2025. This is the result of dominating the market through quality and professionalism.
In an interview with Industry and Trade Newspaper, Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that if the current growth rate is maintained, bananas could become a multi-billion dollar industry in the next few years. However, to achieve this, market expansion must go hand in hand with raising production standards. Because high-end markets like the EU and Japan are increasingly demanding: food safety, traceability, social responsibility, environmental standards… meaning the conditions for participating in the game are no longer simple.
Mr. Nguyen Nhu Cuong, Deputy Director of Science and Technology Department (Ministry of Agriculture and Environment), believes that Vietnamese banana industry must continue to invest in green, clean, and sustainable processes to maintain market share and move into the high-value segment.
According to agricultural expert Hoang Trong Thuy, story of Vietnamese bananas is shifting from "household-scale farming" to "a strategically planned agricultural economic sector." From a few hectares of land to a 20,000-hectare model; from selling through traders to 10-year contracts with leading global distribution corporations; from a fragmented supply chain to automated packaging plants… All of this shows a major shift; Vietnam is not only exporting bananas, but is building its position in the global supply chain. And if all efforts are consistently maintained, from quality to technology, from business linkages to market expansion, the billion-dollar dream for Vietnamese bananas will no longer be a pipe dream, but an achievable goal in the near future.
In particular, Vietnamese businesses partnering with American companies to expand banana market share in Asia and the Middle East will not only expand markets but also put pressure on raising quality standards, building international brands, and maintaining sustainability in production. In high-end markets, the "premium" factor and social responsibility are increasingly important, creating a long-term competitive advantage.
Success of Vietnamese bananas will also set a precedent for other agricultural sectors, from tropical fruits to industrial crops, towards a long-term cooperation model, industrialization, and globalization. If consistently maintained, this strategy will not only bring economic benefits but also enhance the prestige and position of Vietnamese agricultural products on the international map.

Source: Vitic/ congthuong.vn