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The largest exporter in the world, Vietnam still imports 65% of raw cashew nuts

The largest exporter in the world, Vietnam still imports 65% of raw cashew nuts

12/05/2018

 

Vietnam strives to increase the export value of processed cashew nuts by 2030 to US $ 7 billion, export turnover of US $ 10.5 billion. Vietnam is the largest exporter of cashew nut in the world, but imports 65% of raw material, of which Nigeria is one of the major raw material suppliers in Vietnam.

 

Since 2006, Vietnam has risen to become the largest exporter of cashew nuts in the world and has started to become a major exporter of agricultural products worth over $ 1 billion by 2010.

In 2017, Vietnam has exported $ 3.62 billion worth of cashew nuts, the highest ever and ranked No.1 in the group of five key export products of Vietnam. Vietnam continues to maintain its market share of over 60% of global cashew nut exports (about US $ 5.5 billion) and continues to be the world's number one in cashew processing and export.

 

However, according to Vietnam Cashew Association (Vinacas), Vietnam cashew industry is also facing many difficulties when the growth rate of production (cultivation) has not kept pace with the growth of the processing industry.

 

Specifically, in 2017, domestic raw cashew production only meets about 20% of the processing needs of export enterprises, and must import 65% raw material from other countries. In particular, Nigeria is one of the major suppliers of raw materials to Vietnam.

 

According to statistics from the Nigerian National Product Association, in 2017, Nigeria exported 182,000 tonnes of raw cashew nuts worth $ 320 million, an increase of 38% over 2016.

 

Therefore, expanding the area, raising productivity, restructuring the cashew industry to meet export processing needs is one of the important tasks for the cashew industry in the future.

 

To carry out this task, the Vietnam Cashew Association has drafted a project on restructuring and development of the cashew sector from now to 2025 and vision to 2030.

 

Accordingly, by 2025, the area planned for the whole country is 380,000 ha, yield 2 tons of grain / ha, yield 760,000 tons of raw cashew nuts (dry).

 

Raise export value of cashew nut and cashew nut products (cashew nut shell, etc.) to US $ 1 billion and total export turnover of processing kernels will reach US $ 4 billion by 2025.

 

Vision to 2030, Vietnam will stabilize the cashew area of ​​about 400,000 hectares, yield of 2.2 tons of grain / ha, output 880 thousand tons of raw cashew nuts (dry).

 

At the same time, development of modern hi-tech cultivation and processing 4.0. Raise the value of exports of cashew nut kernel and cashew nut products to $ 7 billion by 2030 and $ 10.5 billion in cashew nut export.

 

Source:http://www.vinacas.com.vn/