Cashew nut export revenue hits US$850 million

Vietnam exported nearly 108,000 tonnes of cashew nuts worth US$857 million in the first eight months of this year, up 25 percent in terms of value compared to the same period last year, according to the Vietnam Cashew Association (Vinacas).

The Association said that in the second half of August, local cashew nut exporters faced price pressure from importers.

Vinacas asked businesses not to buy low-quality products, stressing that they must ensure food hygiene and safety to build a solid trademark for Vietnamese cashew nuts. Local businesses were also urged to stop importing raw materials to reduce pressure on loans and maintain long-term contracts.

Meanwhile, a joint stock corporation on cashew nuts has been established with a chartered capital of approximately VND100 billion.

The Military Bank (MB) has allocated VND2,000 billion to help local businesses boost cashew nut exports and purchase the remaining 30,000 tonnes of cashew nuts from farmers.

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