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The company expects to export 12,000 tonnes of banana pulp annually, by 2028. Hong Raksmey
THACO AGRI, a subsidiary of Vietnam’s Truong Hai Group Corporation (THACO), which began developing agriculture in Kratie and Ratanakiri provinces in 2018 with a focus on bananas, cattle, and other fruits and vegetables, estimates that it could earn $800 million in annual profits, starting in 2028.
“The company pays $35 million in taxes annually to the state,” Nguyen Ngoc Anh Tu, deputy director of Snuol Polytechnic Zone, told reporters at the company’s headquarter in Kratie province.
“In addition, the company has created jobs and income for 40,000 local workers, with the agricultural project in Snuol district, Kratie province providing 15,000 jobs and the agricultural project in Lumphat district, Ratanakiri province providing 25,000 jobs,” he added.
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Nguyen Ngoc Anh Tu, deputy director of Snuol Polytechnic Zone, describes the development of the company to reporters at the company’s headquarters in Kratie province. Hong Raksmey
Anh Tu explained on February 16 that THACO AGRI has the vision of becoming a leading agricultural corporation in the ASEAN region by 2025 and has laid out a core strategy: investing in large-scale agricultural production, including cultivation and animal husbandry, with an organic and industrial approach.
With a development area of approximately 35,000 hectares in Kratie and Ratanakiri provinces, the company applies industrialised farming methods, biotechnology and digitalisation in appropriate stages while managing the value chain for export markets with fresh and processed products.
After the bankruptcy of Hoang Anh Gia Lai Agricultural Joint Stock Company (HAGL Agrico), which received a land concession project in 2012 for rubber and oil palm plantations, THACO took over and shifted to banana plantations, cattle breeding and various other fruit crops.
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Workers pack bananas. Hong Raksmey
THACO AGRI's Agricultural Projects
Parent company THACO was established in 1997 and operates across multiple industries, including THACO AUTO (automobiles), THACO AGRI (agriculture), THACO INDUSTRIES (mechanical manufacturing and supporting industries), THILOGI (transportation and logistics), THADICO (construction investment) and THISO (trade and services).
THACO AGRI’s operations in Kratie province consist of three companies covering an area of over 10,000 hectares with a total investment of $495 million.
In Ratanakiri, seven companies operate across more than 24,000 hectares with a total investment of $800 million.
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Bananas are sorted by size and packed into boxes before being sent to market. Hong Raksmey
Bananas are the company’s primary product, with by-products and waste from these crops being used as fertiliser and animal feed. Animal waste is also processed into fertiliser for crops.
“In line with the process of cultivation and animal husbandry, the company is investing in a production chain of agricultural materials, machinery, and equipment using modern technology throughout the production chain,” said Anh Tu.
Investments in Kratie province
The $495 million project in Kratie includes banana plantations on 3,700 hectares and fruit plantations, particularly durian, combined with a cattle farm on 5,100 hectares.
Of this, 2,500 hectares will be planted with durian alongside a cattle farm housing 117,200 heads.
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More than 240,000 cattle are being raised for meat on concession farms in Ratanakiri and Kratie provinces. Hong Raksmey
Additionally, freshwater fish farms and a system of ponds and dams to supply water for crop production and livestock are being developed on 210 hectares.
Offices, warehouses, agricultural operations centres and industrial production plants, as well as housing for workers, are being constructed on 385 hectares.
This includes factories for the production of agricultural equipment, mechanical farming tools, banana fibre and organic fertilisers.
Large-scale investment in Ratanakiri
The $800 million project in Ratanakiri is a large-scale agricultural investment covering 24,682 hectares across Lumphat and Kon Mom districts.
Banana and pineapple crops for export occupy 8,700 hectares, with 6,700 hectares allocated to bananas and 2,000 hectares to pineapples.
Fruit crops such as mangoes and grapefruits, combined with cattle farms, are planned on 13,100 hectares.
Of this, 6,500 hectares will be dedicated to mangoes and grapefruits, alongside cattle farms with a total of 135,700 heads.
Freshwater fish farms, including a system of ponds and dams for water supply, are being developed on 180 hectares.
Offices, warehouses, agricultural operation centres, industrial production plants and workers’ housing will be built on 100 hectares.
These facilities will include factories producing agricultural equipment, agricultural machinery, banana fibre, organic fertilisers and plant protection products.
Export markets and future expectations
Anh Tu emphasised that with a favourable geographical location and competitive prices compared to regional producers like Thailand, the Philippines and Malaysia, THACO AGRI is able to export its agricultural products to high-end markets in Asia and the Asia-Pacific region, including China, Japan, South Korea and Australia.
He projected that by 2028, the company’s fresh fruit exports would reach 1.1 million tonnes per year, with 380,000 tonnes produced in Snoul district, Kratie province, and 730,000 tonnes in Lumphat district, Ratanakiri province.
“The volume of processed fruit exports is expected to be 25,000 tonnes annually, all from Lumphat district,” he said.
The company also aims to export 12,000 tonnes of banana pulp per year, with 7,000 tons coming from Lumphat district, and 5,000 tons from Snoul.
The number of slaughtered cattle supplied to the market is projected at 43,000 per year, including 16,000 from Snoul and 27,000 from Lumphat.
THACO AGRI also expects to produce 30,000 tonnes of fish meat per year, with 18,000 from Snoul and 12,000 from Lumphat.
Additionally, the company estimates an annual production of 1,150 kilogrammes of bird’s nests, with 550 from Snoul and 600 from Lumphat.
Anh Tu reiterated that THACO AGRI remains committed to expanding its agricultural projects in Cambodia while ensuring sustainability and efficiency through industrial-scale farming, modern technology and optimised supply chains for international markets.
However, he admitted that the lengthy regulatory procedures and the complexity of importing technological materials for farmland remain a challenge.
“In line with our agricultural and livestock expansion, we are investing in a modern production chain for agricultural materials, machinery and equipment,” said Anh Tu.