MARD agrees to establishment of association to bolster product quality, trade promotion and branding.
The Ministry of Agriculture and Rural Development (MARD) has approved a plan proposed by LienVietPostBank to establish the Vietnam and Central Highlands Macadamia Association.
The ministry has also assigned the Vietnam Administration of Forestry to coordinate with LienVietPostBank in developing macadamia trees in Vietnam.
Mr. Nguyen Duc Huong, Vice Chairman of LienVietpostbank’s Board of Administration, said that the association’s aims relate to product quality, trade promotion, and branding, which are weak and limit competitiveness. “With support from MARD, macadamia nuts will become a strategic crop and all activities relating to the development of macadamia trees will bear practical results,” Mr. Huong said.
In addition to proposing the establishment of the macadamia association, LienVietPostBank also sought to work with MARD in the research of domestic macadamia nut consumption. It also pledged to invest VND20 trillion ($930 million) in macadamia tree development for five to ten years.