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Quality nutsprocessed in
Vietnam
03
responsAbility Investments AG /Investment Case – Quality nuts processed in Vietnam
Nut Facts Vietnam is the world’s largest proces-sor of cashews. Before the tasty nuts are served with cocktails in Europe,
they undergo an elaborate production process. We visited one of Vietnam’s
biggest cashew processors.
Family Business Entire families live from cashews in Vietnam. Large processors like Thai
Gia Son support this by working together with them. Both parties
benefi t – Thai Gia Son increases its capacities while the families have a
livelihood.
Investment Expertise Between being harvested and
reaching the consumer, cashews have an exceptionally long value
chain. This requires a high level of liquidity for all parties involved.
An attractive investment that calls for real expertise.
After decades of confl ict and sanctions, Vietnam has made exceptional progress in terms of growth and development.
Nevertheless, a number of challenges remain if this momentum is to be maintained, with private investment a crucial ingredient.
Vietnam – From Recovery to Resurgence
This economic transformation is all the more impressive given the severe challenges faced by Vietnam between 1946 and 1986. Following the war of independence from France, the division between communist North Vietnam and pro-western South Vietnam soon deteriorated into a prolonged state of war. By the time the fi ghting had fi nished in 1975, 1–2 million Vietnamese had died, with the country’s infrastructure shattered. Disastrous attempts to impose collectivization, as well as widespread purges and emigration, exacerbated the economic ruin. By 1983, infl ation had peaked at 700 %, with Vietnam the seventh poorest country in the world.
The Doi Moi (“Renovation”) reforms of 1986 marked a decisive break from the Marxist doctrine of complete state ownership and control. The new laws proved crucial in kick-starting growth, moving Vietnam to a more market driven economy encouraging competition (albeit not in all sectors). At the same time, a thawing in relations with the US also proved important, with the US now Vietnam’s biggest export destination. This rapprochement has fur-ther grown with the signing of the Trans-Pacifi c Partner-ship (TPP), a multilateral agreement giving Vietnamese exports preferential access to a dozen developed markets, signifi cantly boosting trade.
Following this dramatic systemic change, GDP has more than tripled in the last fi fteen years, averaging 6.5 % per annum. The proportion of the population earning less than $1.90 per day fell from 34.8 % in 1998 to 3.2 % in 2012.1 Yet progress has been from a very low base, while the gap between cities and the countryside remains
substantial, with 90 % of Vietnam’s poor located in rural areas.2 Although the share of agriculture in the economy has fallen, it still remains a considerable contributor to GDP and employment, albeit with subsistence rice farming still playing a major part. The development of this sector is therefore essential to Vietnam’s progress.
Meeting Vietnam’s needs in terms of sustainably increasing production and raising rural incomes, will thus require greater diversifi cation and stronger supply chains. In addition, the government itself has pointed to the need to shift its role in the sector “from that of an operator to that of a facilitator ... embracing the need for deepened public-private collaboration”.3 This in turn will require considerable engagement from the private sector, as funding is required to build up all areas of the value chain, especially processing. In doing so, investors will thus be able to contribute to sustainable growth and continue Vietnam’s astonishing renaissance.
Türkei
Iran
Russland
Kasachstan
Turkmenistan
Ukraine
Rumänien
BulgarienGeorgien
Aserbaidschan
Armenien
Togo
BeninNigeria
Niger
Tschad
Burkina Faso
Mali
Kamerun
GhanaElfenbeinküste
Guinea
Liberia
Sierra Leone
Senegal
Gambia
Mauretanien
Guinea-Bissau
Vietnam
Cambodia
Thailand
Laos
Malaysia
Myanmar
China
IndiaBangladesh
BhutanNepal
1 · World Bank World Development Indicators database 2 · “Vietnam 2014 Article IV Consultation – Staff Report”, IMF, October 2014 3 · Taken from the World Bank “Implementation, Completion and Results Report to Vietnam for the Agriculture
Competitiveness Report”, November 2014, referencing the Vietnamese government’s 2013 Agricultural Restructuring Plan.
2
responsAbility Investments AGQuality nuts processed in Vietnam
_Third row middle Cashew plantation in the Mekong Delta.
_Third row right Impression of thriving consumption at the airport in Hoi An.
_RightFishing is done the traditional way with nets in Da Nang.
_LeftHo Chi Minh’s skyline is a refl ection of prosperity.
_Second row leftThere are over 2 million mopeds in Ho Chi Minh.
_Second row rightRice fi eld – two thirds of the population work in agriculture.
_Third row leftFruit sellers on the streets of Hoi An.
Vietnam is the biggest processor of cashew nuts in the world. A visit to one of Vietnam’s largest processing companies shows just how much work is involved in producing them. Targeted
investments by responsAbility have contributed towards enabling the local people to live from these precious nuts.
Our minivan weaves its way through a seemingly endless stream of mopeds. It’s 7.00 am and mopeds are fl ying at us from all directions, defying all sense of logic. They dart out in front of us, overtake on both sides and even stop motionless in the middle of a junction while the driver checks his phone. By European standards, total traffi c chaos reigns in Ho Chi Minh City, for the Vietnamese it’s simply their daily routine.
Vietnam has one of the fastest growing economies in Southeast Asia and Ho Chi Minh City is the symbol of this growth. According to offi cial sources, the former Saigon is now home to some eight million people and has seven million registered mopeds. Horn beeping is all part of moving forwards. Even when there’s nowhere to go, the horn beeping carries on regardless. There is nothing but shops as far as the eye
can see, all adorned with a baffl ing array of colourful fl ashing signs that are illegible to Europeans. In front of them sit the vendors, waiting for customers with their shop doors wide open. The streets are full of life. If you want to cross the road on foot, it’s highly advisable to follow the Vietnamese method. According to the travel guide, you should move forward slowly and steadily, never stopping abruptly or changing direc-tion. That’s because here the traffi c moves around you, like water fl owing around a stone.
Palm forests, rubber tree plantations and farmland
However, there’s no time for testing road-crossing strategies. We have a meeting four and a half hours west of Ho Chi Minh City, near the Mekong Delta. Our destination is in the prov-ince of Binh Phuoc in the district of
Bu Gia Map – the mecca of cashew production. Vietnam processes more cashew nuts than anywhere else in the world. The biggest producers in Vietnam are located in Binh Phuoc Province, including a successful cus-tomer of responsAbility: the company Thai Gia Son.
The further away we get from the metropolis of Ho Chi Minh City and its many millions of inhabitants, the fewer mopeds we see. The shops also begin to thin out. Instead of a potpourri of colours, the scenery is dominated by shades of green and sand. We pass dense palm forests, rubber tree plantations and farm-land. A farmer is herding his cattle from one fi eld to another. We have to stop and wait until the last cow has ambled across the road. Everything happens in a relaxed fashion – and no one is beeping their horn. The houses along the street are simple, yet never dilapidated. If someone is home, the doors are wide open. Similar furnishings can be glimpsed inside – a tiled living space; a sofa, table and chairs all grouped around a blaring television.
We fi nally see the company prem-ises up ahead, a large turquoise building with a white door guarded by a watchman. After removing our shoes at the door, as is customary in
Cracking the cashew business
“When we invest in a growing client, we grow with the client.”
Anshul Jindal, Senior Investment Offi cer Debt Financing Agriculture
4
responsAbility Investments AGQuality nuts processed in Vietnam
Vietnam, an employee guides us to a meeting room. Shortly afterwards, the director of the company, Thai Doan Nghia, appears and warmly wel-comes his visitors from Switzerland and India. He has known Anshul Jindal, Senior Investment Offi cer Asia Pacifi c at responsAbility, for many years. Jindal has been organising loans for the company since its fi rst loan in 2014. “The company is doing really great work,” explains Jindal (for really great work,” explains Jindal (for really great work,”an interview with Anshul Jindal, see page 14). >>
_First rowReady for Europe: employees load cashews into a container.
_Second row leftAround the factory there is nothing but farmland – and the occasional moped.
_Second row rightThe company’s sign is embedded into the wall that surrounds the factory.
5
A family business with millions in revenue
Thai Gia Son is a family business, comprising no less than eight broth-ers. Contrary to Vietnamese tradition, the company is not run by the eldest brother, but by 41-year-old Thai Doan Nghia. He founded the company in 2006 with his own savings. Before that, Thai Doan Nghia worked for many years with Vietnamese and Dutch trading companies, particu-larly in the coffee import and export business.
He began with the production of pep-per and in 2010 he built a factory for producing cashews. Why cashews? “Because I really like to eat cash-ews,” jokes the company director. “No, seriously, we focused on them because they have the greatest potential. Global demand is growing and we can achieve higher margins with cashews.” In 2012 Thai Gia Son with cashews.” In 2012 Thai Gia Son with cashews.”generated a turnover of USD 11.5 million, USD 10 million of which
solely from processing cashew nuts. By 2014 the company's turnover had already reached USD 13 million. However, without fi nancing from responsAbility’s fi nancing vehicles, this growth would not have been possible. The local banks offer far smaller loans, if they even give them at all. But cashews are a capital-in-tensive business. Thai Doan Nghia needed to fi nance the harvest in advance, without knowing what the quality would be like and what prices he would be able to get.
Cashews are a commodity that consumers must be willing to pay for. They are signifi cantly more expen-sive than peanuts, for example. This is because a lot of manual work is required to produce cashews. In Feb-ruary and March, the pepper-like red and yellow fruits are picked by hand from the trees in the giant plantations surrounding the factory. The farmers remove the nuts from inside and send them to the local processors.
Thai Gia Son procures its goods via a network of local agents, who mostly negotiate directly with the farmers. Nevertheless, Thai Doan Nghia and his brothers continue to maintain close contact with the farmers, supporting them with seeds and other services to ensure they sell their precious goods to the company. He also relies on a local network of small processing enterprises in order to increase the capacity of his own factory (“Nguyen Phong – from bus driver to small business entrepre-neur”, see page 12).
Cashews from Vietnam are of the fi nest quality
The fi nest quality cashews come from Vietnam, explains Thai Doan Nghia, followed by Indonesia and the African countries of Tanzania and Ghana. The majority of cashews are grown in Ivory Coast. The company also imports African cashews because the local harvests aren’t enough to meet the demand. But before the nuts are imported from Africa, the quality of goods is checked on location. Thai Doan Nghia has employees on loca-tion for this very reason – anything else would be too risky, says the CEO.
At the factory, the nuts are shelled in order to access the valuable prize inside, the cashew kernel. However, the shell is very hard. Until recently, most of the company’s attempts at using a machine to extract the nuts ended in failure and the broken ker-nels could not be sold. Consumers
_LeftCompany founder and CEO Thai Doan Nghia is a welcoming and friendly host.
6
_First row leftAfter harvesting the cashews are fi rstly sorted by size.
_First row middleIn the warehouse the jute sacks are stacked almost right up to the roof.
_First row rightAfter presorting the nuts are treated with hot steam.
_Second row leftQuality control: an employee removes any bad nuts.
_Second row middleThe fi nal quality checking takes place in this hall – all by hand.
_Second row rightAll employees have to wear a hairnet and special clothing.
ready for use in the coming season in April 2016.
During the next stage in the process, the nuts are sorted according to size using a simple sorting machine. Two workers pick out any bad nuts with patches of black or brown. The nuts are then cleaned with steam, dried and treated in an oven with a special gas to stop them from spoiling. In another hall, around a dozen female workers wearing protective hairnets, gloves and masks sort the processed cashews again according to size and quality. Beside them is a conveyor belt. The cashews are fi lled into plastic bags, sealed airtight and packed into boxes. At the back of the factory, the workers then load the 10-kilogram boxes into a container that belongs to the shipping company Hamburg Süd. >>
want whole cashew nuts, or perfect halves at the very least. Many local processors therefore open the nuts using a simple device mounted to the table. They clamp the nut between the table and a type of knife, slowly increasing the pressure on the shell via a lever to split it. In the absence of such a device, the nuts are shelled by hand. Experienced workers can manage 500 kilograms of nuts per day. Wages are based on quantity.
At Thai Gia Son, the nuts also used to be shelled by hand. “There’s got to be another way,” said the compa-to be another way,” said the compa-to be another way,”ny’s resourceful director. He tinkered around with a machine until he suc-ceeded in balancing the pressure on the shell so that the kernel remained unblemished. He has now ordered several more machines to be built based on his prototype. They will be
responsAbility Investments AGQuality nuts processed in Vietnam
_First row leftTwo employees fi ll the processed nuts into a sorting machine.
_First row rightThe precious kernels are transported on this sorting machine.
_Second row leftMask, overalls, hairnet: the hygiene regulations are strict.
_Third rowThe labour-intensive manual sorting is exclusively done by women.
_Fourth row leftMore manual work: an employee performs a fi nal check.
_Fourth row rightAs well as cashews, Thai Gia Son also processes macadamia nuts.
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responsAbility Investments AGQuality nuts processed in Vietnam
Cashews are purchased by the wealthy middle class
worldwide
Cashew nuts are an international business: “Stimulated by the trend towards a healthier lifestyle, over the last 10 years the demand for cashews has increased within the EU and EFTA area due to the valuable nutrients they contain,” writes the nutrients they contain,” writes the nutrients they contain,”Dutch CBI (Centre for the Promotion of Imports from developing coun-tries), “most cashews are consumed by Europe’s middle class.” However, the demand is far from being limited to Europe. As the middle classes continue to grow in India and China, there is also a rising demand for cashews in these countries. Accord-ing to the African Cashew Alliance, India is already a net importer of cashew nuts. Vietnamese exports of cashews to China increased by 14 percent alone in the fi rst quarter of this year.
During the high season, Thai Gia Son processes 20,000 kilograms of raw nuts per day, which equates to around 6,000 kilograms of cashew kernels. “Between April and Septem-ber, 200 people work here,” says the company director. “Now in Novem-ber there are only 100 workers.” Thai Doan Nghia built apartments right next to the factory for his workers
so that they don’t have far to travel in the mornings (“good education, better wages and a place to live”, see page 10).
“By the end of September 2015 we had already generated a turnover of USD 15 million,” he reveals with pride. For 2020 his business plan anticipates a turnover of around USD 25 million, which is certainly realistic. The macadamia nuts that he added to his product range in 2014 will contribute towards achiev-ing this fi gure. In the medium term, they will account for 20 to 30 percent of the company’s turnover; currently they represent around 10 percent.
For several years now, Thai Doan Nghia has attached great importance to certifi cation of his company in order to provide independent confi rmation of his commitment to supplying high quality nuts. “The certifi cates have brought us numerous additional customers and we now have a loyal customer base of around 50 buyers.” China is not the main market, contrary to what one might expect. “Our most important customers are based in Australia, the USA and Europe. And you Swiss people particularly love cashew nuts,” says Thai Doan Nghia cashew nuts,” says Thai Doan Nghia cashew nuts,”with a mischievous wink.
Alexandra Stühff
_RightA smile for the visitors: employees with boxes fi lled with cashews.
_BelowMain entrance of Thai Gia Son in Binh Phuoc Province.
Thai Gia Son Ltd., Vietnam
ESTABLISHEDin 2006
by the Thai brothers as Thagison
In 2010 Thagison built the Casehew Processing
Factory in Binh Phuoc Province
October 2011completion of the basic factory
infrastructure for processing raw cashew nuts into cashew kernels
PARTNERSHIP WITH RESPONSABILITYsince 2014
CAPACITYapproximately 2000 MT (metric ton)
of cashew kernels per year,approximately 600 MT
of macadamia kernels per year, and other agricultural products
NUMBER OF EMPLOYEES30
EXPORT TOU.S.A, U.A.E, India, Germany,
India, Turkey, Singapore, South Korea, Switzerland and many other countries
RAW CASHEW KERNELS FROMVietnam, Africa, Indonesia
RAW MACADAMIA NUTSAustralia, South Africa,
Mozambique, East Africawww.thagison.com
responsAbility Investments AGQuality nuts processed in Vietnam
Thai Doan Nghia built numerous apartments right next to the grounds of the factory. His employees and their families can live here rent-free during the season, eliminating the need to travel long distances to work. Even the children are cared for. The company fi nances a local school that the children attend while their parents are working in the factory.
Thai Doan Nghia also believes in educating his workers. Those who cannot read or write are given lessons. Education, says the busi-nessman, is the most important asset for developing your livelihood and a fair wage is the prerequisite for being able to live with dignity. He pays his employees 6 million dong (VND) per month, which equates to around 280 Swiss francs (CHF). The average wage in Vietnam is currently 3.8 mil-lion dong.
In order to reduce production costs, the company is increasingly using machines. This also places more demands on the workers who have to operate them. Again, Thai Doan Nghia is very pragmatic. As it is diffi cult to fi nd enough well-trained workers, he simply trains them himself. The workers thank him by returning every season, eager to start work again.
Good education, better wages and
a place to live
_RightA businessman who takes his social responsibility seriously: Thai Doan Nghia.
10
responsAbility Investments AGQuality nuts processed in Vietnam
_LeftThe employees’ children play just a short walk away from the factory.
_Second row leftThe homes of the employees are located right next to Thai Gia Son.
_Second row rightParents take their children to the local school by moped.
_Third row leftGeese are kept conveniently close to the employees’ homes.
_Third row rightIndigenous plants: bamboo shrubs by the entrance to the factory.
Nguyen Phong – from bus driver to smallbusiness entrepreneur
Nguyen Phong is one of many local processors who work for the com-pany Thai Gia Son. Phong used to work as a bus driver. The father of three tells us that his wages were barely enough to keep his family’s heads above water. Three years ago the family began processing cashew
nuts, initially selling them at local markets. When Phong succeeded in gaining Thai Gia Son as a customer, his business suddenly blossomed. The family business now employs 50 workers and a basic sorting machine simplifi es their work. Phong produces 7,000 kilograms each day for Thai
Gia Son. “My family’s life has funda-mentally changed since we began processing cashews. We used to be poor and were constantly worried about how we would get by. Now our income situation is stable and we can build up our own business,” says can build up our own business,” says can build up our own business,”Phong.
_LeftThe local business run by Nguyen Phong (left) is fl ourishing – thanks to Thai Doan Nghia.
_Second row leftValuable goods: a whole sack of unprocessed cashew nuts.
_Second row rightAn employee sorts the nuts.
responsAbility Investments AGQuality nuts processed in Vietnam
_First row leftLocal workers are thankful for the work provided by Thai Doan Nghia.
_First row rightAn employee shells the nuts and then they are cleaned with steam.
_Second row leftAn employee removes the nuts from their shells by hand.
_Second row right7,000 kilograms of nuts are processed by the local company – per day.
_Third row leftEmployees remove any broken nuts and sort the remainder by size.
_Third row rightTwo employees fi ll the cleaned nuts into jute sacks.
13
responsAbility manages a portfolio of 25 companies in Asia. Anshul Jindal is responsible for 12 companies,
three of which are located in Vietnam.
“High demand for financing”
Mr Jindal, what is special about the cashew market?
Cashews are the only raw material that travels twice around the globe. Most cashews are grown in Africa and are transported to India or Vietnam for processing before being sold to Europe. Producing and selling cashews therefore takes longer than with other raw materials.
Not an easy business.
No, not at all. All participants in the value chain – from the farmers and the processors to the traders – must maintain a high degree of liquidity in order to fi nance their business in advance. Very few companies are able to do this alone, so they need a source of fi nance.
That’s where responsAbility steps in.
We are an attractive fi nance partner because we understand the market extremely well. Our offi ces in Africa and Asia work very closely together with each other. As a result, we know the African suppliers very well and our African colleagues know the pro-ducers in Asia. We also have a clear picture of the end buyers in Europe and Australia. Our goal is to fi nance the entire value chain – from the
farmers right through to the retailers selling the product in the shop.
Why are you fi nancing Thai Gia Son?
We make our decisions based on a strict catalogue of criteria. The company must already be operating successfully on the market and have reached a certain size. Further-more, the management must be fully behind the idea of stronger and quicker growth with a foreign
fi nancing business partner on board. They must also fulfi l all fi nancial obligations on time and take social responsibilities seriously. Thai Gia Son fulfi lled all of these criteria and the company does very good work.
But wouldn’t local banks also lend to a successful company?
Yes, they would, but the amounts would be much smaller and the process would be far more com-plicated. Not all banks understand
Interview with Anshul Jindal, Senior Investment Offi cer Asia Pacifi c, responsAbility
Centre of Ho Chi Minh and the historical City Hall.
14
responsAbility Investments AGQuality nuts processed in Vietnam
“Our goal is to fi nance the entire value chain – from the farmers right through to the retailers
selling the product in the shop.”Anshul Jindal, Senior Investment Offi cer Debt Financing Agriculture
the agricultural industry like we do. The business is seasonal with low margins; its success depends heavily on rainfall and global raw materials prices. Companies get the money they need from us more quickly, we are more fl exible and we stand by them during the diffi cult times.
Has Thai Gia Son experienced diffi cult times?
No, but supply problems have arisen because the goods were late arriving. There have also been delays on the buying side. But that is typical in this
business and we are fl exible enough to be able to bridge such periods with fi nancing.
What has responsAbility achieved to date with its engagement in Vietnam?
In Vietnam there are many small farmers who each own an average of two to four hectares of land. There are also countless local processors. Financing either of these groups would be out of the question – they are simply too small. By fi nancinglarger enterprises, we enable
companies like Thai Gia Son to grow more quickly and hire more work-ers. This growth in turn benefi ts the local farmers and processors, as they receive more contracts from Thai Gia Son. In this indirect way, we can therefore have a substantial impact on a village or even an entire community.
Interview: Alexandra Stühff
Through its agriculture investment vehicles, responsAbility invests in actors active along the entire agricultural value chain, focusing on those that show a strong commitment to sustainable production and trade. The investments are made primarily in developing economies and emerging markets, and are diversifi ed over more than 35 agricul-tural commodities. The fund currently manages more than USD 170 million, which is invested in more than 80 organisations across 37 countries. This strong growth
and diversifi cation was achieved as a result of the increased presence of dedicated agriculture investment offi cers across different continents. Factors that contri-buted to this successful expansion include active portfolio management and the effi ciency of its joint investment process. Given the dynamic growth that the global market for sustainably-produced agricultural products is experi-encing, responsAbility looks forward to supporting many innovative business models like that of Thai Gia Son.
Investing across the world and along the agricultural value chain
15
responsAbility Investments AGQuality nuts processed in Vietnam
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OUR OFFICESJanuary 2016
ABOUT RESPONSABILITY
responsAbility Investments AG is one of the world’s leading
asset managers in the fi eld of development investments and
offers professionally managed investment solutions to both
private and institutional investors. Through its investment
products, the company supplies debt and equity fi nancing
to non-listed fi rms in emerging economies and developing
countries. Through their activities, these companies help to
meet the basic needs of broad sections of the population and
to drive economic development – leading to greater prosperity
in the long term.
responsAbility currently has USD 2.9 billion of assets under
management invested in 530 companies in more than
90 countries. Founded in 2003, the company is headquartered
in Zurich and has local offi ces in Bangkok, Hong Kong, Lima,
Luxembourg, Mumbai, Nairobi, Oslo and Paris. Its share holders
include a number of reputable institutions in the Swiss fi nan-
cial market as well as its own employees. responsAbility is
regulated by the Swiss Financial Market Supervisory Authority
FINMA.
LEGAL DISCLAIMERThis document was produced by responsAbility Investments AG. The information contained in this document (referred to hereinafter as ‘information’) is based on sources considered to be reliable but its accuracy and completeness is not guaran-teed. The information is subject to change at any time and without obligation to notify the recipient. Unless otherwise indicated, all fi gures are unaudited and are not guaranteed. Any action derived from this information is always at the recipi-ent’s own risk. This document is for information purposes only. The information does not release the recipient from making his / her own assessment.
This document may be cited if the source is indicated.©2016 responsAbility Investments AG. All rights reserved. January 2016Text pages 2, 15: Paul Hailey, responsAbilityText pages 3 to 15: Alexandra Stühff, presscontorPictures: Nici Jost, photography
responsAbility Investments AGJosefstrasse 59, 8005 Zurich, SwitzerlandPhone +41 44 250 99 30www.responsAbility.com
