Cashew nuts are loved by people around the world and bring high economic value to Vietnam. Many countries, including Vietnam, now cultivate the cashew tree, which originated in Brazil.
Currently, Vietnam has more than 20 provinces and cities cultivating cashew trees, with a total area of over 300,000 hectares. Among them, Binh Phuoc is the province with the largest cashew cultivation area, covering more than 150,000 hectares. This place has suitable soil conditions that easily help cashew trees grow, produce good nuts, and achieve high yields.
In recent years, the Vietnamese cashew industry has maintained its position as the world leader in cashew nut exports for many consecutive years while also affirming its reputation in the international market. Vietnamese cashew nuts are now present on the shelves of over 90 countries and territories worldwide, with export turnover steadily increasing year by year.
98.5% of Cambodia’s cashew exports in 2024 were to Vietnam.
In addition to domestic production, Vietnam is spending a large amount of money on importing cashews to maintain its position as the world’s leading exporter. According to statistics from the General Department of Customs, Vietnam’s cashew nut imports in November 2024 reached over 84,000 tons with a value of over 139 million USD. This was a decrease of 40.1% in volume and 38.6% in value compared to October 2024.
In 11 months of 2024, the volume of cashew nuts imported into Vietnam exceeded 2.3 million tons, worth over 3 billion USD. This was a decrease of 10.2% in volume and 1.3% in value compared to the same period in 2023.
In terms of the market, Cambodia is the largest supplier, with over 818,000 tons, worth more than 1.06 billion USD, an increase of 34% in volume and 28% in value. The average price was 1,302 USD/ton, a decrease of 4% compared to the same period in 2023. The cashew industry of this country has rapidly developed in recent years and has become the largest supplier to Vietnam.
Specifically, Cambodia has 435,733 hectares of cashew with a production of 508,283 tons by 2022. Also in 2022, this country exported 471,520 tons of raw cashew nuts and earned over 1.07 billion USD. Up to 98.5% of Cambodia’s cashew export volume was sold to Vietnam.
Besides Cambodia, Vietnam also imports from many other African markets. Ranking second among the suppliers is Ivory Coast, with over 579,000 tons, worth over 719 million USD, a decrease of 32% in volume and a decrease of 20% in value. Prices increased strongly by 20% compared to the same period last year, averaging 1,258 USD/ton.
Ghana is the third-largest supplier, with over 268,000 tons, worth more than 307 million USD, an increase of 8.3% in volume and 16% in value. The average price was 1,143 USD/ton, an increase of 7%.
According to forecasts, the global cashew market will grow at an average rate of 4.6% during the period 2022-2027. The trend of favoring vegan and plant-based diets has increased the demand for nuts and nut-based processed foods, including cashews. This will be a good opportunity for the Vietnamese cashew industry to speed up further in the coming time.