Vietnam's cashew industry has become the world leader and is looking to further grow its export turnover to 3.8 billion USD in 2022, with the EU being its second largest market. The industry is expected to benefit greatly from the EVFTA, which immediately reduces the tax rate for cashew nut processing products imported into the EU from Vietnam to 0%. However, the industry also faces challenges such as geopolitical and trade tensions, and high freight rates. The Trade Promotion Department recently held a consultation session to address business concerns about exporting to Eastern and Western Europe.