28-7-2023 (HANOI) The Vietnamese cashew industry has adjusted its export target for this year, setting it at 3.05 billion U.S. dollars, which is 750 million dollars lower than the Ministry of Agriculture and Rural Development’s initial target. This decision comes in response to the challenges faced by the industry in exports, as reported by Vietnam News on Friday.
Geopolitical crises, monetary tightening by central banks on a global scale, inflation, reduced demand in key markets, and cautious consumer spending have collectively posed difficulties for the cashew industry, as highlighted by the Vietnam Cashew Association.
To address these challenges and boost exports to crucial markets, the association emphasized the importance of strengthening promotional efforts, particularly in countries with free trade agreements with Vietnam. Pham Van Cong, Chairman of the association, emphasized the need for strategic promotions to bolster trade.
In an effort to expand market presence, the Vietnam Cashew Association announced plans for various trade promotion programs. These include organizing a trade promotion event in Japan towards the end of this year, hosting the International Cashew Conference in Vietnam’s Quang Binh province in the first quarter of the following year, and conducting a trade promotion program in China in the coming year.
In addition to promotional activities, the association called for supportive policies to assist enterprises in upgrading their technologies and equipment, expediting digital transformation, investing in intensive processing, cultivating organic cashews, producing cashew shell oil, and diversifying export markets.
In the first half of 2023, Vietnam exported over 279,000 tons of cashew nuts valued at 1.6 billion dollars, representing a 7.65 percent increase compared to the previous year. However, the average export price experienced a slight decline of 1.73 percent, reaching 5,717 dollars per ton, according to data from the Vietnam Cashew Association.
