Business group from Vietnam buys cashew nuts from Guinea-Bissau

9 August 2018

Vietnam’s T&T group plans to buy the entire annual production of cashew nuts from Guinea-Bissau, of between 150,000 and 200,000 tons under a memorandum of understanding signed on 6 August in Hanoi, Vietnamese state radio reported.

The document was signed by the Minister of Trade, Tourism and Handicrafts of Guinea Bissau, Vicente Fernandes, and by the chairman of the board and chief executive of the T&T group, Do Quang Hien.

The memorandum stipulates that the government of Guinea-Bissau is responsible for production, quality control, dispatch, deadlines and payment channels, according to Portuguese news agency Lusa.

State-run radio Voice of Vietnam reported that during the negotiations leading to the signing of the memorandum of understanding, the possibility of Guinea-Bissau importing Vietnamese rice was also discussed.

Last July, Minister Vicente Fernandes said that an official delegation would be sent to Vietnam to analyse with the central bank ways of providing funds to finance companies in the country to buy part of the production of cashew nuts that has yet to be sold.

At the time, it was estimated that more than 100,000 tons of cashew nuts were still in the hands of Guinean farmers, given the “turbulence” experienced this year in the sale of cashew nuts.

Cashew nuts are the main export product of Guinea-Bissau and the driver of economic growth, but the product is not yet processed in the country and is exported in the rough. (macauhub)

MACAUHUB FRENCH