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 should fully tap benefits from tariff reduction and exemption brought by the EU – Vietnam Free Trade Agreement (EVFTA) to promote cashew nut export to France, said insiders.
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.
Foreign Ministry spokesperson Le Thi Thu Hang has spoken about actions taken by the Government to protect the legitimate rights and interests of Vietnamese enterprises in the suspected cashew nut export scam involving 100 containers of Vietnamese cashew nuts exported to Italy.
Vietnamese exporters are at risk of losing hundreds of millions of USD in a suspected scam in which they have not received any payment as agreed for 100 containers of cashew nuts already dispatched to a buyer in Italy.
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).
The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to 3.2 billion USD this year, down from the 4 billion USD set in late 2019, given the impact of COVID-19.
The Vietnam Cashew Association (Vinacas) has recommended cashew processing enterprises remain calm and try not to sell off their products to avoid potential losses.
Vietnam’s cashew nut producers will have to lower their 2020 export target of 4 billion USD as the impacts of COVID-19 make it extremely difficult to achieve, according to Pham Van Cong, Chairman of 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.
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