The three-day 12th Vinacas Golden Cashew Rendezvous saw its main event kick off in Ho Chi Minh City on February 27, attracting the participation of 350 delegates from more than 40 countries and territories worldwide.
Vietnam exported over 206,000 tonnes of cashew nuts worth 1.19 billion USD in the first five months of 2022, down 7.81% in volume and 6.81% in value, the Vietnam Cashew Association (VINACAS) reported.
The target of 3.8 billion USD in export revenue of cashew nuts for this year set by the Ministry of Agriculture and Rural Development (MARD) is quite feasible given the forecast on high demand for the product in the time to come, according to experts.
Vietnam imported nearly 1.2 million tonnes of raw cashew nuts worth 1.9 billion USD in the first four months of this year, increases of 300 percent and 323.5 percent year-on-year, according to the General Statistics Office.
In the past 30 years since the establishment of the Vietnam Cashew Association (Vinacas), cashew exports have reached more than 31 billion USD, according to insiders.
Vietnam has maintained its position as the world’s largest producer and exporter of cashew nuts in 2020, exporting an estimated 450,000 tonnes of cashew kernels worth 3.2 billion USD, according to the Vietnam Cashew Association (Vinacas).
Despite the difficulties posed by the COVID-19 pandemic, Vietnam’s cashew exports in the first half of the year increased by 16 percent in volume year-on-year and 1 percent in value to 232,000 tonnes and nearly 1.53 billion USD, according to the Vietnam Cashew Association (VINACAS).
Vietnam stood out as the world’s largest cashew exporter last year but there remains many challenges ahead for the country to retain its leading position in the future.
The Vietnam Cashew Association (Vinacas) has recently held a conference to review the industry’s performance in the first seven months of 2019 and seek solutions to the problems facing it.
Although Vietnam is a leading exporter of cashew nut, the country’s export value remains modest as many enterprises are still dependent on imported materials.
Vietnam sustained its position as the world’s leading cashew processor and exporter in 2018, yet the country still suffered from certain losses, so the sector must strive to regain what it lost in 2018 and improve its export value in 2019, according to insiders.
The domestic cashew industry would continue to face difficulties in processing and trading cashew nuts next year, according to the Vietnam Cashew Association (Vinacas).
Vietnam will need to import more than 300,000 tonnes of raw cashew nuts in the remaining months of the year for processing to meet the demand of importers, according to processing companies.
The Vietnamese cashew sector is calling for an 800 million USD credit package from commercial banks to better serve its exports, as heard at a seminar held in Ho Chi Minh City on July 6.
The 10th Vinacas Golden Cashew Rendezvous will take place in Ha Long city, the northeastern province of Quang Ninh, in October, according to the Vietnam Cashew Association (Vinacas).
The cashew sector enjoyed sharp year-on-year rises in export volume and value in the first three months of this year at 31 percent and 43.6 percent respectively thanks to higher quality and price.
Vietnam’s cashew industry has targeted 300,000 tonnes of cashew exports at a value of 3 billion USD this year, a year-on-year reduction of 50,000 tonnes in volume and 500 million USD in value.
Although global cashew demand is predicted to continue rising, the Vietnam Cashew Association (Vinacas) and cashew processors and exporters are worrying about a high price trap which may affect their activities in 2018.
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