MCE Group from the Netherlands planned to invest US$250 million in Binh Phuoc Province’s cashew industry, online newspaper vietnamplus.vn reported.

During a meeting with the province’s leaders on Friday, Marco Trimborn from the group praised the potential of cashew plantations in the locality, expressing his firm’s desire to develop Binh Phuoc cashews into an international brand.

The Dutch enterprise plans to build a cashew nut shell oil factory which will cover 10ha in Duc Lieu Commune, Bu Dang District. It will also develop a 190ha organic cashew plantation in the same commune in order to provide clean and quality cashew products for export.

Additionally, the company will support Binh Phuoc in developing a 5,000ha area to supply raw materials for cashew processing that meet the strict standards of European markets in the communes of Duc Lieu and Thong Nhat.

Vice chairwoman of the provincial People’s Committee Huynh Thi Hang spoke highly of the Dutch business’ plan, requesting departments and sectors to closely work with the company to develop a brand for the province’s cashew products.

The province is home to more than 71,600 households growing cashews on nearly 174,020ha, accounting for 30 per cent of total agricultural land.

The trees are grown mainly across the districts of Bu Dang, Phu Rieng, Bu Gia Map and Dong Phu, yielding about 200,000 tonnes per year.

There are about 200 cashew companies and 400 cashew processing facilities in Binh Phuoc, with an annual combined capacity of 500,000 tonnes.

In 2018, Viet Nam’s cashew export revenue hit $3.52 billion with major importers including the US, the Netherlands and China.

The country planned to ship 350,000 tonnes of cashew for about $4 billion this year, according to the Viet Nam Cashew Association. — VNS