Cashew industry aims for export target of US$4 billion in 2020

According to the Vietnam Cashew Association (Vinacas), in 2020, with the policy to reducing quantity and increasing quality, the association and leading enterprises in the industry will collaborate and be proactive in business, increase intensive processing and diversify value added products in order to achieve an export turnover target of US$4 billion next year.

This year, cashew industry has imported more than 1.5 million tons of raw cashew from several countries, mostly from Africa, an increase of 27.5 percent in volume and a decrease of 29.7 percent in value compared to the previous year.

This year, there have been more and more mergers and acquisitions in the cashew processing industry, forming large corporations and enterprises.

According to statistics by Vinacas, this year, on average, the cashew industry exported around 34,000 tons of cashew nuts monthly and with such average export, it is estimated that cashew nut exports will reach around 400,000 tons this year.

However, as the demand to import cashew in the world is forecast to continue to climb in the last month of the year, so cashew nut exports have been aiming for a goal of 450,000 tons.