On November 26th, THACO Group and Fresh Del Monte officially signed a strategic partnership agreement.
Fresh Del Monte, a leading global producer, distributor, and marketer of fresh fruits and ready-to-eat vegetables, boasts a distribution network spanning over 80 countries. With a revenue of $4.6 billion, Fresh Del Monte has been publicly listed on the New York Stock Exchange since 1997. The company employs 40,000 people worldwide, primarily in agriculture and supply chain management.
During a media briefing, Mr. Tran Ba Duong, Chairman of THACO’s Board of Directors, emphasized THACO’s focus on consistent quality and stable production volumes. He highlighted the company’s industrial production philosophy, which leaves no room for errors. “Producing one million items with even a single defect means failure,” he stated.
Mr. Duong has meticulously developed a platform to mitigate risks related to land, utilities, labor, and management. In this partnership, THACO views Fresh Del Monte as a seasoned expert, while THACO itself is a newcomer to agriculture with just five years of experience.
He believes this collaboration meets the fundamental requirements of quality and stable production. THACO is committed to implementing mechanization, automation, and industrial management practices. Fresh Del Monte has thoroughly evaluated and endorsed these efforts.
Vietnamese agriculture can become a global fruit supplier by meeting international standards and market requirements. THACO focuses solely on high-quality production, partnering with experts for marketing and distribution. “By choosing the most challenging partner, THACO aims to prove its capabilities,” Mr. Duong added.
He expressed his excitement: “Today’s signing is a milestone after years of building a strong foundation in agriculture. This partnership demonstrates our commitment through action, not just words. Collaborating with a 135-year-old global leader as a five-year-old newcomer is a testament to our confidence.”
Mr. Mohammed Abbas, Senior Vice President of Fresh Del Monte, described THACO’s approach as unique. “In over 100 years of working with farmers and agricultural companies, we’ve never seen an engineering firm enter agriculture. This is one of the most innovative models I’ve encountered,” he remarked.
Agriculture is inherently flexible, tied to land, climate, and crops. Integrating engineering and mechanical thinking into agriculture offers a fresh perspective, unlike anything traditional agriculturalists have seen.
Fresh Del Monte is confident in this partnership, based on THACO’s achievements over the past few years. The company aims to enhance farming practices in Vietnam while learning from THACO’s engineering-driven approach, which emphasizes systematic organization and clear KPIs.
The second aspect of the partnership focuses on THACO’s expertise in agricultural automation. Mr. Abbas sees this as a global breakthrough, as agriculture is not typically led by engineers. Fresh Del Monte believes THACO’s innovations will revolutionize the industry through mechanization and automation.
Fresh Del Monte will contribute its technical and biological knowledge of crops like bananas and pineapples, with plans for future collaborations. The company will also leverage its market expertise and global network to position Vietnam as a future agricultural powerhouse.
Mr. Abbas praised THACO’s potential to transform the global banana and pineapple industries. THACO’s large-scale, technically advanced farming model is unprecedented, organizing cultivation areas in entirely new ways.
THACO’s ability to manage large-scale farms is crucial, as smallholder models cannot achieve significant impact. Globally, large-scale farms are rare, with most operations limited to a few hectares. Fresh Del Monte requires such scale for success, and THACO’s resources—water, land, and favorable climate—make this possible.
Mr. Abbas concluded, “THACO’s achievements in just 2-3 years are remarkable, equivalent to what Fresh Del Monte accomplished in 100 years.”
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