The value of cashew Forum held in Ho Chi Minh City, Nguyen Duc Thanh, Chairman of the Vietnam Cashew Association (Vinacas) said that 2014's exports hit a $ 2 billion, but consumption of cashew processing in the country despite the increase is still very low, only about 5% - 10% of exports
Vietnam earned some 1.02 billion U.S. dollars from exporting cashew nuts in the first seven months of 2014, up 17.5 percent year-on-year, said Vietnam Customs.
The Donafoods Dong Nai has co-operated with Target Co, Ltd of Germany to build a cashew producing area in the southern province of Dong Nai, said Nguyen Thai Hoc, general director of the Donafoods.
According to the Minister of Industry and Commerce, Vietnam exported 51,000 tons of cashew nuts for $319 million over the first trimester, i.e. a 19.1% growth in volume and 21.6% increase in a year.
Vietnam exported 257,000 tons of cashew nuts in 2013, up 15.8 percent year-on-year, presenting the eighth consecutive year the country has topped the world's cashew nuts exports.
Nearly 78,000 hectares of cashew have been cut down by farmers in the past five years to make room for cultivating other crops like rubber and pepper, which is ascribed to price instability, low yield and poor supporting policies from local relevant authorities.
The cashew industry, during the first 11 months of 2013, reached its yearly target of US$1.5 billion in exports, according to the Ministry and Agriculture and Rural Development. Recently, the Viet Nam Cashew Association increased its forecast for the export value of cashews from $1.5 billion to $1.7-1.8 billion for this year.
With an increasing demand for cashew in the global market, Vietnam expects a higher export volume this year, to reach US$1.8 billion, Vietnam News Agency (VNA) reported.
The recent rise in cashew prices has signalled a race to export cashews in the remaining months of the year.
Viet Nam hopes to ship 95,000 tonnes of cashew in the second half of the year, bringing the year's total to 210,000 tonnes, an increase of five per cent over last year, according to the Viet Nam Cashew Association (Vinacas).
Speaking at a conference held in HCM City last Saturday to review the industry's first-half performance, Dang Hoang Giang, Vinacas general secretary, said some 115,000 tonnes of cashew worth US$716 million was exported in the first half of the year.