Export market for Cashew Nut in Vietnam (11월, 2022)

Vietnam, the world's largest exporter of finished cashew nuts, relies on imported raw materials for about 70% of its production. Despite the COVID-19 pandemic, the cashew industry experienced growth, with exports reaching $3.6 billion in 2021 and accounting for 80% of global cashew kernel exports. However, a decrease in exports was observed in the first nine months of 2022 due to various factors including the Russian-Ukrainian conflict and fluctuating demand. To mitigate risks, the Director of VCCI HCM suggested that Vietnamese businesses establish offices in West Africa for direct cashew purchasing. Additionally, investing in West African factories for preliminary processing and exporting to Vietnam for further processing was recommended to increase global chain value. The seminar also highlighted the need for businesses to efficiently balance the high cost of imported raw cashew nuts with the price of cashew kernels for export.