Why did Vietnam's cashew exports to Europe spike?

Published 2022년 5월 23일

Tridge summary

The article highlights a significant development in Vietnam's cashew nut export industry, focusing on the EU market. It announces a zero percent tax rate on cashew nut imports from Vietnam, a welcome change from the previous 7-12% fluctuating rate. This move is expected to boost Vietnamese cashew exports to the EU, which saw a 16.5% increase in volume and 7.9% increase in value in 2021, reaching 135,000 tons. The Netherlands, Germany, the UK, and Italy are key markets, with the Netherlands being the largest. To further penetrate the EU market, Vietnamese businesses must understand the market's stringent regulations to avoid penalties and fraud allegations. The EU market is crucial for Vietnam to achieve its 2022 cashew nut export turnover goal of 3.8 billion USD.

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

Original content

The tax rate for cashew nut products imported from Vietnam has been reduced to 0%, instead of the oscillating figure of 7 - 12% as before., In 2021, Vietnam's cashew exports to the EU will reach 135,000 tons, up 16.5% in volume and 7.9% in value compared to 2020. The EU market has great potential for Vietnamese cashew nuts to penetrate and occupy the No. 1 position in the market. In the first 4 months of the year, cashew exports to this market reached 48.68 thousand tons, worth 290.23 million USD, up 21.8% in volume and 21.4% in value compared to March. Notably, EU countries such as the Netherlands, Germany, the UK, and Italy are currently in the top 10 cashew export markets of Vietnam. In which, the Netherlands is the largest cashew nut import market of Vietnam, with a market share of approximately 60%. Germany ranked second with 47% market share. Britain accounted for 40.6%, France 48%, Spain 37.5%. Dang Hoang Giang - General Secretary of the Vietnam Cashew ...

Source: VNRuralEconomics