Up to 130,000 tonnes of cashew nuts were shipped abroad during the first half of this year, bringing the country an export turnover of US$830 million. — VNA/VNS Photo Duong Chi Tuong

HA NOI (Biz Hub) — The Viet Nam Cashew Association (Vinacas) has asked the State Bank of Viet Nam for more supportive policies that focus on commercial banks lowering interest rates and easing lending regulations.

The State should also provide the enterprises with additional financial assistance to facilitate further investment in improving processing capacities. This would ensure production of high value-added products, Vinacas Vice Chairman Dang Hoang Giang told radio The Voice of Viet Nam (VOV).

Giang said that Viet Nam had retained its position as the world's largest cashew nut exporters since 2006.

However, the industry was currently operating at 50 per cent of its capacity, he said, adding that low value adds, small scale of production, and capital shortage due to difficulties in accessing bank loans remained its major obstacles.

During a recent conference in southern Ba Ria – Vung Tau province, trade experts said that if cashew processors did not pay attention to improving the qualitative competitiveness of their products and processing capacities, they would be under severe pressure.

Quality products would make it easier for businesses to enter demanding markets and get higher profits, they said.

Up to 130,000 tonnes of cashew nuts were shipped abroad during the first half of this year, bringing the country an export turnover of US$830 million.

The association predicted that the industry was likely to realise a turnover of $2.2 billion this year from exporting 180,000 tonnes of cashew nuts and shipments of nut shell oil and other processed products.

There are roughly 300 Vietnamese firms involved in exporting cashew nuts to 100 countries and territories worldwide.

Among them, the US, China and Netherlands are the three largest importers of Viet Nam's cashew, making up 28.5 per cent, 20.01 per cent and 9.1 per cent, respectively, of Viet Nam's total export value. — VNS