Vietnam’s cashew nut export goal this 12 months is $3.8 billion, solely barely up from 2021, based on the Vietnam Cashew Affiliation (Vinacas).
Talking at Vinacas’ tenth congress in Ho Chi Minh Metropolis late final month, chairman Pham Van Cong mentioned the main target is on preserving the cashew nut cultivation space unchanged whereas bettering high quality and worth.
Regardless of the challenges brought on by the Covid-19 pandemic, exports topped $3.66 billion final 12 months, a year-on-year enhance of 14 per cent and better than the exports of every other farm produce like cashew nuts, vegatables and fruits, rice, espresso or pepper.
Vietnam accounted for a whopping 80 per cent of all the world cashew nut exports.
The exports went to over 100 nations and territories, with the US, China, the Netherlands, and Germany being the most important markets.
However Vietnam stays an enormous importer of uncooked cashew nuts to course of for exports since home provide is insufficient, he mentioned.
Vietnam has round 300,000ha underneath cashew bushes and a mean annual output of 370,000 tonnes a 12 months, or simply 25-30 per cent of native processors’ demand.
Final 12 months enterprises imported 3.1 million tonnes of uncooked cashew nuts from many nations, largely in Africa but additionally Cambodia, an 81.4 per cent enhance over 2020.
This 12 months round two million tonnes are anticipated to be imported.
Ta Quang Huyen, chairman of Binh Phuoc province-based Hoang Son 1 Co and Vinacas’ deputy chairman, mentioned world demand for cashew nut would proceed to extend by eight-to-10 per cent per 12 months within the coming years.
However with provide being increased than demand, costs are unlikely to extend this 12 months, he mentioned.
Vietnam Commerce Promotion Company director Vu Ba Phu mentioned: “The cashew nut market will proceed to be good for the subsequent 10 years. Enterprises have to focus extra on selling their merchandise in massive markets such because the US and EU and those who have free commerce agreements [FTA] with Vietnam.”
Demand within the EU, which accounts for 40 per cent of the world’s complete, is predicted to develop by 5 per cent a 12 months, and Vietnamese exporters have a bonus there due to the EU-Vietnam FTA, he mentioned.
He referred to as on enterprises to focus extra on elevating product high quality and assembly necessities when it comes to company social accountability and meals security and hygiene in importing nations.
Vinacas chairman Nguyen Minh Hoa mentioned African nations are rising their very own exports of processed cashew nuts to Europe due to their geographical benefit, leading to elevated competitors.
Huyen mentioned: “We don’t know when the Russia-Ukraine warfare will come to an finish. If it prolongs, all industries might be badly affected.”
Phu mentioned that to maintain its place on the earth market, Vietnam’s cashew nut trade wants to regulate the standard of inputs, maintain abreast of market data and consumption developments, improve linkages between stakeholders, make investments extra in processing, constructing manufacturers, and creating merchandise with increased added worth.
Minister of Agriculture and Rural Improvement Le Minh Hoan instructed the congress the cashew nut trade wants to alter its considering to deal with present challenges and difficulties and improve added worth.
Elevating worth by rising productiveness and output is previous, and including worth by in depth processing is now not new, and the trade wants inventive considering equivalent to creating tales for his or her merchandise that evoke feelings in customers.
The congress selected the affiliation’s 17-strong govt committee, with Cong re-elected as chairman till 2026.
VIET NAM NEWS/ASIA NEWS NETWORK