Last year was a challenging one for the cashew industry, with exports falling from the previous year, but 2023 might be even worse, according to the Viet Nam Cashew Association (VINACAS).
The Viet Nam Cashew Association (Vinacas) recommends cashew processing enterprises to be calm and not to sell-off their products to avoid potential losses.
Pham Van Cong, Chairman of the Viet Nam Cashew Association (Vinacas), has said the cashew industry will struggle to achieve its export target of US$4 billion this year due to the novel coronavirus (COVID-19) pandemic.
Viet Nam 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.
The Viet Nam Cashew Association held a conference to review the industry’s performance in the first seven months and identify solutions to the problems plaguing it.
Viet Nam’s cashew sector targets exports of 350,000 tonnes this year, 10 per cent lower than last year, according to the Viet Nam Cashew Association (Vinacas).
The domestic cashew industry would continue to face difficulties processing and trading cashew nuts next year, according to the Viet Nam Cashew Association (Vinacas).
Price stability is needed to ensure sustained growth of the cashew market and benefits for stakeholders in the cashew value chain, delegates said at the 10th International Conference on Cashew in Ha Long City over the weekend.
Viet Nam’s cashew industry has targeted 300,000 tonnes of cashew exports at a value of US$3 billion this year, a year-on-year reduction of 50,000 tonnes in volume and $500 million in value, according to the Viet Nam Cashew Association.
The Viet Nam Cashew Association (VINACAS) on Thursday advised its
members to tighten control over exports in order to ensure the quality
of products that carry the Vietnamese trademark.