T&T Group and US partners conclude USD 3 billion trade cooperation contracts

On September 21, during President Nguyen Xuan Phuc's working visit to the United States, T&T Group inked a number of contracts and Memorandums of Understanding with its US partners. 

T&T Group and UPC Renewables Group of the United States, in particular, signed a Memorandum of Understanding on collaboration in the area of renewable energy in Vietnam. As a result, the two companies have agreed to collaborate on onshore and nearshore wind and solar energy projects in the provinces of Ninh Thuan, Dak Nong, Soc Trang, Ben Tre, and Bac Lieu, with a combined capacity of approximately 1,500 MW and a total investment of USD 2.5 billion. 

UPC Renewables is a developer, owner, and operator of many of the world's top renewable energy facilities, with over two decades of expertise in solar and wind energy development and construction. UPC has built and commissioned solar and wind energy projects totaling more than 3,500 MW at a cost of more than USD 5 billion, with plans to expand to more than 5,000 MW. 

In Vietnam, UPC is required to invest in high-potential projects like as onshore and near-shore wind energy, as well as solar energy. And UPC must combine its vision and objectives with those of a credible, prospective, and appropriate local partner in order to achieve its strategy. 

Meanwhile, T&T Company is Vietnam's largest economic private group, operating across several sectors, and has placed a particular emphasis on renewable energy during the last decade. T&T Group recently signed a Memorandum of Understanding with Orsted - Denmark's leading sustainable energy corporation with an estimated total installed capacity of nearly 10 GW and a total investment value of approximately USD 30 billion - on strategic cooperation in the field of offshore wind power in Vietnam. T&T Group's power supply capacity (LNG and renewable energy) is projected to reach about 10,000-11,000MW in the next decade, accounting for approximately 8% of the total installed capacity of the system's power sources in Vietnam. 

Importing animal feed materials worth USD 525 million 

T&T Group negotiated two trade agreements totaling USD 525 million during President Nguyen Xuan Phuc's working visit to the United States, including assistance for local manufacturing and enterprise. 

T&T Agril Company - a subsidiary of T&T Group - will import 1,250,000 tons of raw materials for animal feed, including fermented cornmeal; wheat; dry soybean and corn, from The Delong Company (one of the top four exporters of agricultural cereals in US containers), with a contract value of USD 450 million. 

Additionally, the firm inked contract terms for the purchase of 250,000 tons of fermented corn waste yearly, valued at USD 75 million, with Valero, the largest supplier of fermented corn waste in the United States. Along with energy, agriculture is a significant industry for T&T Group, with over two decades of experience in agricultural commerce and animal feed material manufacturing. 

T&T Group and its network of member businesses and affiliates have established an ample supply for export, exporting 300,000 tons of rice and 30,000 tons of pepper each year. 

T&T Group, in particular, is well-known across the globe as a "big guy" in the area of raw cashew procurement, having consistently broken its own record and establishing a global record for raw cashew acquisitions. Additionally, T&T Group has maintained its leadership position in Vietnam in the import of agricultural goods and raw ingredients for animal feed in recent years. 

In 2020, during the height of the anti-epidemic and shortage of commodities, T&T Group successfully secured a USD 115 million deal for agricultural products, with raw materials for animal feed manufacturing accounting for the lion's share. This contract aided in supply stabilization by lowering the cost of goods used in business and export operations for Vietnamese businesses operating in a tough environment at the time. 

T&T Group will be a monopoly distributor on the functional foods for a US brand

After making a splash in the US with a series of contracts with European partners to conduct clinical trials, purchase and technology transfer for COVID-19 vaccine production, and Covid-19 Realtime RT-PCR test kit, T&T Pharmaceutical Company continues to gain fruitful results in the US with the exclusive distribution of functional food products for a famous pharmaceutical brand. 

T&T Pharma has secured a five-year exclusive pharmaceutical distribution deal (with an option to extend for an additional five years) with Nutraceuticals dba Au Naturel Company, Inc. for a total contract value of USD 23 million (USA). 

The world's largest pharmaceutical producer has established 50 brands and produced over 5,500 items in more than 60 countries. In specialized channels for nutritional supplements, the business regularly ranks first in terms of market share for dietary supplements and personal care goods. The USD 23 million deal will provide diversity to the local functional foods industry by supplying a broad range of goods that satisfy international requirements. Simultaneously, local customers get access to real health food sources, ensuring their origin and stabilizing costs.