Int’l cashew nut processors convene in Ba Ria-Vung Tau

Participants at the conference were in general agreement that the cashew nut industry will face a number of challenges in the future, largely attributable to increased and fierce competition.

Processors who fail to pay due attention to improving the qualitative competitiveness of their products and processing capacities, are bound to suffer from the financial pressures as their market shares dwindle away  to the more quality oriented companies.

International Nut and Dried Fruit Council Foundation (INC) Vice President Pino Calcagni said Vietnam should further improve the quality of products because producing high quality products in the globalization process, will facilitate the penetration of the more demanding markets, bringing higher profits.

Pham Van Cong, Nhat Huy Joint Stock Company’s CEO, said if Vietnam continues to export unprocessed raw cashew nuts, expecting to compete solely on price, the cashew nut sector will stay on the same dead end path as other agricultural sectors because they have not adequately prepared added value materials for export.

The sector needs assistance from relevant agencies to build a sustainable development strategy for the future, he added.

To promote and expand export markets, the Vietnam Cashew Nut Association has organized a series of meetings and dialogues providing domestic and foreign processors opportunities to expand cooperation.

Last year, Vietnam exported more than 261,000 tonnes of cashew nut, earning US$1.65 billion, up nearly 18% in volume and 12% in value. Major markets included the US, China, and the Netherlands.

This is the eighth consecutive year Vietnam has surpassed India to become the world’s largest cashew nut exporter.

This year, the cashew nut sector aims to fetch around US$2 billion from exports.