Export value of cashews to reach $1b for first time

Workers at the Thien Tan Co process cashews in the central province of Phu Yen. Cashew export is expected to total 198,000 tonnes this year, worth US$1.14 billion. — VNA/VNS Photo Hong Ky

The industry was predicted to export 198,000 tonnes of cashews, earning $1.14 billion for this year, said Nguyen Thai Hoc, Vinacas chairman. Exports would jump by 11.8 per cent in volume and 34 per cent in value against last year.

A year-on-year increase of 32 per cent in value to $1.5 billion was projected for next year, Hoc said.

"It might be difficult to hit this target because the industry may lack raw materials and workers for processing export products. It may also have to struggle due to low product diversification and increased processing costs."

"However, Vinacas hopes that the business environment at home and abroad will help the industry reach next year's target," he added.

The association had already completed a draft development strategy for the cashew industry by 2015 and towards 2020 to submit to the Government and other relevant ministries and sectors, Hoc said.

According to the Ministry of Agriculture and Rural Development, the industry exported 179,000 tonnes of cashew in the first 11 months of this year, worth $1 billion, a year-on-year increase of 11 per cent in volume and 31.9 per cent in value.

The average export price of Vietnamese cashew jumped by 27 per cent to $6,000 per tonne compared with the same period last year, said Hoc.

Viet Nam's cashew nuts are exported to 52 countries and territories, including the United States, China and the European Union. — VNS