Cashew industry in Vietnam is difficult to reach the export target for the whole year

Published Nov 3, 2022

Tridge summary

The Vietnam Chamber of Commerce and Industry (VCCI) held a workshop to discuss cooperation and investment opportunities in the agricultural sector, with a focus on the cashew industry, in the West African market. Despite exporting over 400,000 tons of cashew kernels in the first 10 months of 2022, the industry experienced a decrease in raw cashew nuts imported and exported compared to the previous year. The target of exporting 3.2 billion USD worth of cashew kernels in 2022 might not be achieved due to various challenges such as the Covid-19 pandemic, the Russia-Ukraine conflict, and increasing processing costs. The high cost of imported raw cashew nuts in comparison to the export price of cashew kernels is a significant issue for businesses. However, there are positive signals with increasing demand for cashew imports from the EU and China. VCCI suggested that Vietnamese cashew businesses establish offices in West Africa, invest in factories, and take advantage of raw materials and cheap labor to reduce costs and optimize profits.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Report at the Workshop on Potential for cooperation, investment, and business with the West African market in the agricultural products industry, especially the cashew industry, organized by the Vietnam Chamber of Commerce and Industry (VCCI) in Ho Chi Minh City on the morning of 2/. November 11, Mr. Bach Khanh Nhut, Standing Vice Chairman of the Vietnam Cashew Association (VINACAS) said that in the first 10 months of 2022, the number of exported and imported raw cashew nuts decreased compared to the same period in 2021. Specifically, according to data from the General Department of Customs, from the beginning of the year to October 15, the whole Vietnam cashew industry has exported more than 400,000 tons of cashew kernels of all kinds, with an export turnover of nearly 2.4 billion USD. It is expected that in 2022, it will be difficult for Vietnam to achieve the export target of 3.2 billion USD of cashew kernels, although it has decreased by about 600 million USD compared to the ...
Source: Vinacas

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