Last year, Viet Nam exported more than 261,000 tonnes of cashew nut, earning US$1.65 billion, up by nearly 18 per cent in volume and 12 per cent in value. — Photo baobinhthuan

Ba Ria -Vung Tau (Biz Hub) — More than 250 cashew nut processors from 40 countries around the world gathered at an international conference on May 16 to seek ways of developing the sector.

Participants at the conference, which was held in the southern province of Ba Ria-Vung Tau, stated that the cashew nut industry will face a number of challenges in the future, largely due to increased and fierce competition.

If processors do not pay due attention in improving the qualitative competitiveness of their products and processing capacities, they will suffer from various pressures, they noted.

International Nut and Dried Fruit Council Foundation (INC) Vice President Pino Calcagni stated that Viet Nam should further improve the quality of products as this will allow Viet Nam to easily enter demanding markets and thus make higher profits.

According to Pham Van Cong, CEO of the Nhat Huy Joint Stock Company, if Viet Nam continues to export unprocessed raw cashew nuts, the sector will stay on the same dead end path as other agricultural sectors because they have not adequately prepared 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 Viet Nam Cashew Nut Association has organised a series of meetings and dialogues providing domestic and foreign processors with opportunities to expand cooperation.

Last year, Viet Nam exported more than 261,000 tonnes of cashew nut, earning US$1.65 billion, up by nearly 18 per cent in volume and 12 per cent in value. This is the eighth consecutive year Viet Nam has surpassed India to become the world's largest cashew nut exporter.

The US, China and the Netherlands remain Viet Nam's major markets.

This year, the sector aims to fetch around $2.2 billion from exports. — VNS