The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to US$3.2 billion this year, down from the US$4 billion set in late 2019, given the impact of COVID-19.
A number of international expos and conferences have been postponed to 2021 due to fears of the COVID-19 outbreak.
VOV.VN - Cashew export prices experienced a downward trajectory during the first 20 days of June, hovering between US$2.4 and US$3.35 per 0.45 kilo, according to figures released by the Import and Export Department under the Ministry of Industry and Trade.
Vietnam stood out as the world’s largest cashew exporter last year but there remains many challenges ahead for the country to retain its leading position in the future.
VOV.VN - Amid fluctuations taking place in the global cashew market, the Vietnam Cashew Association (Vinacas) is to focus on improving the quality of Vietnamese cashew nuts for exports whilst also increasing the efficiency of processing over the coming year.
VOV.VN - Vietnam’s cashew industry has successfully maintained consistent levels of growth during 2019 with estimated export turnover reaching record level of US$3.6 billion as the figure is expected to enjoy an increase of 14 per cent during 2020, according to the Vietnam Cashew Association (Vinacas).
Vietnam’s cashew sector aims to earn 4 billion USD in export turnover in 2020.
VOV.VN - Vietnam’s cashew industry is targeting the export of 450,000 tons of cashew nuts throughout the year as the global demand for cashew is predicted to witness a sharp uptrend during the remaining months of 2019, according to the Vietnam Cashew Association (Vinacas).
The Vietnam Cashew Association (Vinacas) has recently held a conference to review the industry’s performance in the first seven months of 2019 and seek solutions to the problems facing it.
Vietnam sustained its position as the world’s leading cashew processor and exporter in 2018, yet the country still suffered from certain losses, so the sector must strive to regain what it lost in 2018 and improve its export value in 2019, according to insiders.
The domestic cashew industry would continue to face difficulties in processing and trading cashew nuts next year, according to the Vietnam Cashew Association (Vinacas).
Vietnam will need to import more than 300,000 tonnes of raw cashew nuts in the remaining months of the year for processing to meet the demand of importers, according to processing companies.
Price stability is needed to ensure sustained growth of the cashew nut market and benefits for stakeholders in the cashew value chain, participants said at the 10th International Conference on Cashew in northeastern Quang Ninh province at the weekend.
VOV.VN - The 10th International Cashew Nut Conference (Vinacas Golden Cashew Rendezvous) opened in Ha Long City, Quang Ninh province on October 6 with the participation of hundreds of domestic and foreign businesspeople.
The shortage of capital is hampering the operation of many small cashew factories in Vietnam.
The Vietnamese cashew sector is calling for an US$800 million credit package from commercial banks to better serve its exports, as heard at a seminar held in Ho Chi Minh City on July 6.
The 10th Vinacas Golden Cashew Rendezvous will take place in Ha Long city, the northeastern province of Quang Ninh, in October, according to the Vietnam Cashew Association (Vinacas).
Vietnam is expected to remain the world’s No. 1 cashew nut exporter in 2018 with a global market share of 65%, but local cashew enterprises have operated inefficiently, facing numerous problems, including shortages of raw materials and thin profit margins, Nguoi Lao Dong newspaper reported.
Many cashew nut processing plants have halted operations due to a lack of materials, the Vietnam Cashew Nut Association (Vinacas) told a meeting in Ho Chi Minh City on June 15 to review the sector’s performance in the first half of 2018.
VOV.VN - Many cashew nut processing facilities are facing the risk of being halted their operations due to a serious shortage of raw cashew nuts in the first quarter of this year.