News

Vietnam's number 1 position in cashew import and export in the world is shaking

Published Mar 20, 2024

Tridge summary

Vietnam's cashew industry is under threat due to increased competition from African countries like Ivory Coast and Guinea, which are modernizing their production and processing capabilities. The Vietnam Cashew Association has urged businesses to exercise caution in their transactions. The situation is exacerbated by a lack of raw material areas in Vietnam and African policies limiting the sale of raw cashew nuts. The price imbalance between cashew kernels and raw cashew nuts is causing factories to shut down, with about 100 factories in Binh Phuoc expected to close by 2023. Businesses are being forced to sell at low prices to recover capital, further driving down the price of cashew kernels.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Meanwhile, most Vietnamese businesses in the cashew industry are facing difficulties, competing with each other to survive, leading to weakening the position of Vietnam's cashew industry from within. Previously, the world cashew market was mainly supplied by Vietnam and India, of which Vietnam accounted for more than 80%. But recently, other sources of supply have emerged, especially from some African countries, causing Vietnam's share of cashew kernels in the market to decrease. At the recent International Cashew Conference organized by the Vietnam Cashew Association, a number of countries affirmed their efforts to rise to the top in global cashew import and export. Mr. N'Guettia Assouman, Chairman of the Ivory Coast Cashew Exporters Association (AEC-CI), said that with 25% of the world's raw cashew output, Ivory Coast holds the No. 2 position in cashew import and export. globally, second only to Vietnam. Currently, Vietnam is consuming 65% to 85% of Ivory Coast's raw cashew ...
Source: Vov
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