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Cashew exports to earn US$1.75 bln
Vietnam is forecast to export 200,000 tonnes of cashew nuts this year, earning US$1.75 billion in revenue, according to the Ministry of Agriculture and Rural Development (MARD).
The exports are expected to increase by 25,000 tonnes in volume and US$250 million in value against last year’s figures, enhancing the country’s position as the world’s leading cashew export, the ministry says.
However, ensuring stable human and raw cashew resources and complying with international food hygiene and safety standards remain the main challenges for the sector in the future.
To help the sector keep its top position, MARD Minister Cao Duc Phat said the State will form policies for cashew exports, such as providing land-use certificates to cashew farmers to help them secure bank loans.
Corporate income tax reduction for cashew exporters will also be under consideration, he says, adding that the cashew sector will also better ensure the supply of raw cashews to be processed by accelerating local production of raw cashews and finding direct importation sources rather than via intermediaries, as is currently the case.
Vietnamese cashew nuts are now shipped to 50 countries and territories with the US being the largest importer, representing one third of the total cashew export volume.
The country has 220 factories processing cashew for export with a total capacity of 600,000-700,000 tonnes a year. In the first month of this year, it exported 12,000 tonnes of cashew nuts, with an export turnover of US$98 million, equivalent to the turnover of the same period last year but with a 12 percent reduction in quantity.
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