New opportunity for cashew exports from the EVFTA Agreement 25-06-2020

In the first 5 months, cashew exports continued to be a bright spot as exports increased both in volume and value. The ratification of Vietnam - EU Free Trade Agreement (EVFTA) will help cashew industry participate deeply in the global supply chain and increase export scale to EU market.

In the first 5 months of the year, the US, EU and China were still the three largest markets for Vietnam's cashew kernel. In the EU and US markets, although cashew consumption has decreased in restaurants and hotels, it has increased sharply in supermarkets.

According to VINACAS, the total supply of raw cashew this year is about 4 million tons. Since the beginning of the year, India has stagnated production due to the severe impact of Covid-19, thus reducing imports. Meanwhile, in Vietnam also started new crop production slowly, so far many production facilities temporarily closed .... Therefore, this year there will be no shortage of raw materials.

Cashew exporting enterprises said that from the beginning of June 2020 until now, cashew demand is slowing down. In the US and EU markets, many importers are asking for delayed delivery. However, according to VINACAS, the source of raw cashew nuts from West Africa is not much, raw cashew stocks will be very limited in Asia in the coming months and the supply of exported kernel will decrease. VINACAS said that the market is still relatively increasing in the medium term, even when the covid-19 epidemic affects economies and consumers.

Along with that, the Vietnam - EU Free Trade Agreement (EVFTA) will contribute to promoting two-way increase in trade, joining the global supply chain, increasing the export scale of cashew nuts - agricultural products. main export of Vietnam.

Enterprises are ready to take advantage of export opportunities to the EU

Mr. Phung Van Sam - Chairman of the Board of Directors of Hanfimex Vietnam Joint Stock Company - said that the EU is a big market of the company. With EVFTA, businesses will have the opportunity to increase exports, especially those investing in high quality technology. Particularly with Hafimex, the company has now fully prepared the standard requirements, capacity facilities for export to the EU such as, finance, human resources, factories and technology. "Currently, Hanfimex's factories are using closed production lines with the most modern technology from Germany and the Netherlands. At this point, the company will also inaugurate a processing factory in Binh Phuoc with a capacity of 120 tons / day. The company has also achieved BRC, Kosher, Haacp, and ISO certifications. Regarding raw materials, the company has also planned a clean raw material area so that it can be traced, "said Mr. Sam.

Like Hanfimex Vietnam, representatives of Cao Phat Co., Ltd said that EU and US are the two main markets of the company. With EVFTA, the company has also prepared standards to expand exports into this market. " Currently, the EU market is still facing many difficulties due to its focus on preventing and fighting Covid-19. When the epidemic is under control, the company will boost exports to this market, "the representative said.

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