Vietnam will have difficulty achieving the cashew export target

Mr. Bach Khanh Nhut - Deputy General Director of Vinacontrol Group and Vice Chairman of the Vietnam Cashew Association (VINACAS) forecasted that Vietnam will have difficulty achieving the export target of 3.2 billion USD in 2022.

On the morning of November 2, the Seminar "Potential of investment and cooperation with West Africa market for agricultural products, especially cashew industry" was held by the Vietnam Chamber of Commerce and Industry, Ho Chi Minh City Branch (VCCI-HCM) and chaired at Sheraton Saigon Hotel.

Seminar "Potential of investment and cooperation with West Africa market for agricultural products, especially cashew industry"

At the seminar, Mr. Bach Khanh Nhut - Deputy General Director of Vinacontrol Group and Vice Chairman of the Vietnam Cashew Association (VINACAS), gave a presentation at the conference on the production status and competitive advantages of cashew nut production enterprises in Vietnam. Assessing the situation of cashew production and business in Vietnam in 2022, Mr. Bach Khanh Nhut said that from the beginning of the year to October 15, 2022, the whole Vietnamese cashew industry exported 400,143 tons of cashew kernels of all kinds, export turnover reached 2.4 billion USD. Thus, it is forecasted that Vietnam will have difficulty achieving the export target of 3.2 billion USD in 2022.

Mr. Bach Khanh Nhut - Deputy General Director of Vinacontrol Group and Vice Chairman of the Vietnam Cashew Association (VINACAS) gave a presentation at the conference

Regarding the situation of cashew production and business in the last months of 2022 and 2023, Mr. Nhut acknowledged that the situation will continue to have many difficulties and challenges when China has not completely lifted the "Zero Covid" policy, the Russia-Ukraine conflict, the international political-economic situation, inflation, and USD/VND exchange rate fluctuations, ... The growth of the cashew industry will be significantly affected because the global demand for cashew kernels will continue to be gloomy, and the world cashew raw material market will face many challenges.

Through the conference, representatives of VCCI-HCM, Vietnam Cashew Association, and businesses in the cashew industry sat down to discuss issues related to the West African market such as the situation of farming, production, cashew nut processing... with the aim of strengthening cooperation, supporting information to businesses investing in this market.