Facing the difficulties of the global cashew market, in 2023, the Vietnam Cashew Association (VINACAS) set an export target of 3.1 billion USD which is slight increased by 30 million USD compared to 2022.

At the 12th Vietnam International Cashew Association Conference (February 27-28), Mr. Pham Van Cong, Chairman of the VINACAS, said that: In 2023, the global agricultural market is forecast to have a great demand for food. The expansion of the export market in parallel with the focus on the domestic market will be the basis for Vietnam’s agricultural industry to target agricultural – forestry – fishery exports of 54 billion USD this year (up 780 million USD compared to 2022).

The cashew sector aims to reach an export value of 3.1 billion USD in 2023.

However, according to the VINACAS Information Council, by the last month of 2022 and 2023, production activities as well as the cashew supply chain in the world and Vietnam continue to face many difficulties.

Therefore, according to Mr. Cong, the growth of the cashew industry will be significantly affected because the global demand for cashew continues to be gloomy. The world cashew material market will face many challenges. In 2023, the cashew industry set an export target of 3.1 billion USD, stightly up by 30 million USD compared to 2022. The association maintains the policy of “reducing quantity and increasing quality”…

Mr. Vu Ba Phu, Director of the Trade Promotion Department, Ministry of Industry and Trade, said that: In the coming time, enterprises and the cashew industry need a methodical strategy for building and managing brands to maximize the brand value of a world-leading industry. The world towards green production, trade, and growth. The cashew industry needs to pioneer greening and practicing of green production.

Mr. Phu stressed that the EU is leading this trend since 2017. Up to now, many laws have been issused to implement the Net-Zero goal, along with the standards set for industries. Accordingly, enterprises need to focus on implementing traceability, building value chains for the whole industry to ensure the “green ticket” to high-end markets such as the EU and Japan.

“This is very important because in the next 05 years, if it is not implemented, even  the leading industry in the world, Vietnamese cashew nuts will be very difficult to enter high-end markets such as the EU and Japan,” Mr. Vu Ba Phu said./.