Hanoi (VNA) – Vietnam’s cashew sector aimsto earn 4 billion USD in export turnover in 2020.
According to the Vietnam Cashew Association (Vinacas), the sector will focus on deep processing, improving quality and diversifyingproducts towards realizing the goal.
In 2019, the sector imported over 1.5 million tonnes of raw materials, mostly from Africa, to meet its processingand production demand.
Mergers and acquisitions have alsotaken place this year with more and more large-scale enterprises operating inthe industry, the association said.
By the end of November, Vietnamesebusinesses had shipped more than 418,000 tonnes of cashew abroad for almost 3billion USD, while this year’s targets are 450,000 tonnes and 3.5 billion USD.
The US is still the biggest importer of Vietnamesecashew nuts, followed by China and the Netherlands.
Data from the Ministry of Agriculture and Rural Development shows that theagriculture sector enjoyed a trade surplus of 8.8 billion USD in the first 11months.
The country earned 37.3 billion USD from the export of farm produce andforestry and aquatic products during the period, a year-on-year increase of 3.6percent. Meanwhile, 28.5 billion USD was spent on agro-forestry-fisheryimports, down 0.7 percent.
China remained the largest buyer of agricultural products from Vietnam,accounting for 26.9 percent of total exports, followed by the US, the EU, ASEANand Japan./.
The cashew industry has achieved impressive growth in the past years with increasing exports, but unfavourable weather due to the impact of climate change and an increase of diseases and pests threaten its continued development, delegates told a recent seminar in Ho Chi Minh City.
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.
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.
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.
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Processing cashew nuts for export (Source: VNA) 
