Taking advantage of opportunities from EVFTA, Vietnam's cashew exports continue to prosper

Published 2022년 5월 20일

Tridge summary

The European Union (EU) is the second largest market for Vietnam's cashew nut exports, accounting for 23% of the total volume and 22% of the total value in 2021. The EVFTA Agreement has led to a reduction in tariffs to 0%, resulting in a 16.5% increase in volume and an 8% increase in value compared to 2020. Germany and the Netherlands are key markets within the EU. However, Vietnamese businesses need to comply with EU regulations and standards to fully establish themselves in the EU market. There is potential in the organic cashew market, which is popular in the EU.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Notably, EU countries such as the Netherlands, Germany, the UK, and Italy are all in the top 10 cashew export markets of Vietnam. According to experts, the EVFTA Agreement, after a period of implementation, has brought into play very effective results. In 2021, the EU is Vietnam's second largest cashew nut export market, accounting for 23% of the total volume and 22% of the total value of the industry. Specifically, cashew exports to the EU market reached 135 thousand tons, worth 816 million USD, up 16.5% in volume and 8% in value compared to 2020. It can be seen that, right after the EVFTA comes into effect, the tax rate for cashew nut products imported from Vietnam will be reduced to 0%. This is an important milestone and a great opportunity for cashew businesses. Because before the implementation of EVFTA, the tariff of cashew nuts imported into the EU from Vietnam fluctuated from 7 to 12%. In Western Europe, Vietnam's cashew nuts are exported to countries: Germany, the ...

Source: Vinanet