Thaco Agri, a subsidiary of Vietnam's Truong Hai Group Corporation (THACO), has been developing agricultural projects in Cambodia's Kratie and Ratanakiri provinces since 2018. The focus is on bananas, cattle, and other fruits and vegetables. The company anticipates generating $800 million in annual profits by 2028.
Nguyen Ngoc Anh Tu, deputy director of Snuol Polytechnic Zone, reported that Thaco Agri pays $35 million annually in taxes and has created employment for 40,000 local workers. The Snuol district project in Kratie province employs 15,000, while the Lumphat district project in Ratanakiri province employs 25,000.
Thaco Agri aims to become a leading agricultural corporation in the ASEAN region by 2025, focusing on large-scale agricultural production with industrial and organic methods. The company manages approximately 35,000 hectares in Kratie and Ratanakiri, applying industrial farming techniques, biotechnology, and digitalization for export markets.
Following the bankruptcy of Hoang Anh Gia Lai Agricultural Joint Stock Company, THACO shifted to banana plantations, cattle breeding, and other fruit crops. Thaco Agri operates with a total investment of $495 million in Kratie and $800 million in Ratanakiri.
Bananas are the primary product, with by-products used as fertilizer and animal feed. Animal waste is processed into fertilizer. "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.
In Kratie, the $495 million project includes 3,700 hectares of banana plantations and 5,100 hectares of fruit plantations and cattle farms. Ratanakiri's $800 million project covers 24,682 hectares, with banana and pineapple crops on 8,700 hectares and other fruit crops and cattle farms on 13,100 hectares.
Thaco Agri targets high-end markets in Asia and the Asia-Pacific region, such as China, Japan, South Korea, and Australia. By 2028, the company projects fresh fruit exports to reach 1.1 million tons annually, with processed fruit exports at 25,000 tons. Additionally, the company plans to export 12,000 tons of banana pulp and supply 43,000 slaughtered cattle annually.
Despite optimistic projections, Anh Tu noted challenges with regulatory procedures and importing technological materials. "In line with our agricultural and livestock expansion, we are investing in a modern production chain for agricultural materials, machinery, and equipment," he stated.
Source: The Phnom Penh Post