Vietnamese cashew seizes growth opportunities in the UK with UKVFTA advantages

Published Dec 11, 2024

Tridge summary

Vietnam remains a leading supplier of cashews to the UK, despite shifting market dynamics and trade policies, with a 9.6% increase in volume and a 9.9% increase in value in the first ten months of 2024. This growth is due to Vietnam's processing capacity, global dominance in cashew production, and the UK's reliance on imports. The UK-Vietnam Free Trade Agreement (UKVFTA) eliminates tariffs on both raw and processed cashew products, providing a competitive edge. However, exporters must comply with stringent rules of origin. Vietnamese exporters are advised to implement advanced processing technologies, focus on branded, value-added products, understand the UK distribution landscape, and establish connections with UK importers and distributors.

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

Original content

Despite shifting market dynamics and stringent trade policies, Việt Nam’s position as a leading supplier of cashews to the UK remains strong. Cashews, a key export commodity of Việt Nam, continue to play a significant role in the country's trade with the UK. Despite shifting market dynamics and stringent trade policies, Việt Nam’s position as a leading supplier of cashews to the UK remains strong, bolstered by the UK-Việt Nam Free Trade Agreement (UKVFTA) and rising demand for high-quality nuts in the British market. Data from Việt Nam’s General Department of Customs shows that the country exported over 17,000 tonnes of cashews in the first ten months of 2024, valued at US$87.3 million, a year-on-year increase of 9.6 per cent in volume and 9.9 per cent in value. This growth is driven by Việt Nam's unparalleled processing capacity and global dominance in cashew production, coupled with the UK’s reliance on imports for its cashew needs. According to the International Trade Centre, ...

Source: WTOCenter