Cashew is expected to retain its top position among major Vietnamese farm produce exports such as fruit and vegetables, coffee, rice, and pepper.
According to statistics released from the Ministry of Agriculture and Rural Development, the export of cashew nuts accounted for 8.7% of the country’s total export turnover of agro-forestry-fisheries products.
The Vietnam Cashew Association (VINACAS) said Vietnamese cashew has now been exported to over 90 nations and territories across the world.
The United States in particular remains the largest import market, accounting for 35% of market share, followed by China with 13%, whilst the EU and other nations make up 55%.
Domestically produced cashew nuts continue to maintain a market share of over 60% of the global total cashew export value (about US$5.7 billion) and have secured the position as the world’s leading cashew processor and exporter.
2018 also witnessed a total of 450 businesses exporting cashew nuts to foreign markets. However, an export value of US$10 million only focuses on the 40 leading businesses, which have invested in upgrading their equipment and applying international standards such as GMP, HACCP, and ISO into production.
Notably, 2018 also saw drastic changes to the cashew processing sector, which has significantly shifted from preliminary processing to intensive processing through the launch of a range of organic products.
According to VINACAS, the cashew sector still grossed roughly US$3.8 billion in 2018 through exporting both intensively-processed and sub-cashew products.
This year, the sector aims to maintain the export figure of 350,000 tons of cashew nuts to overseas markets with the aim of reducing the volume but improving on the overall quality of the product.