The United States is the largest market for Vietnam

Source: giaothuong.congthuong.vn

Strong growth in key markets

Vietnam continues to affirm the world number one position Cashew export In the 18th year in a row. In 2024, it continued to be a successful year for Vietnam’s cashew industry when our country constantly strengthened the export of this product. According to statistics, Vietnam has accounted for more than 80% of the total global export production, an impressive figure affirming the dominance of this industry.

In the May 2024, Vietnam’s cashew exports to main markets such as Asia, America and Europe all recorded positive growth. In particular, the Americas witnessed the strongest growth with an increase of 25.7% in volume and 30.4% in value compared to the same period in 2023.

Vietnam’s cashews are now available on the shelves of over 90 countries and territories around the world. Photo: Vietnam Cashew Association

Vietnam’s cashews are now available on shelves of over 90 countries and territories around the world. The United States and China are still the two largest cashew nut consumption markets in Vietnam. In particular, the United States continues to be Vietnam’s largest cashew import market with an export turnover of 1.07 billion USD, up 31.6% over the same period in 2023. China stood in the position of second position Two with export turnover reached 687.84 million USD.

In addition to focusing on large markets, the Vietnamese cashew industry is constantly diversifying products and improving the quality to meet the increasing demands of the world consumers. Cashews W450, WS/WB, W210 are being exported in large quantities and receives consumers’ favor.

Despite achieving certain successes, Vietnam’s cashew industry still faces many challenges such as fluctuations in raw materials, competition from other countries and regulations on quality and food safety. The closer. However, with the continuous efforts of businesses and the support of the State, the Vietnamese cashew industry will continue to develop sustainably and enhance Vietnam’s position in the international arena.

New opportunities and growth prospects

With the advantage of modern processing technology and abundant sources of raw materials, Vietnam has been maintaining the world’s number one position in terms of demand export. According to the Vietnam Cashew Association, the total processing capacity of our country is currently about 2 million tons/year and is constantly increasing. As a result, Vietnam has met the increasing demand of the world market for cashew products.

According to Ministry of Agriculture and Rural Developmentin Vietnam, there are more than 20 provinces and cities, with a total area of ​​over 300,000 ha. In particular, Binh Phuoc is the most planted province in Vietnam, with an area of ​​more than 150,000 ha. This place has appropriate ground conditions, fertile soil … Easy to help the cashew tree grow, develop, give good seeds and high harvest output.

In addition to domestic raw materials, Vietnam also imports a large amount of raw cashew nuts from neighboring countries, of which Cambodia is the largest supplier. In terms of the import market of raw materials, Cambodia is becoming the largest supplier with more than 818 thousand tons, worth more than US $ 1.06 billion, up 34% in quantity and an increase of 28% in value. The average price reached 1,302 USD/ton, down 4% compared to the same period in 2023. The country’s cashew industry has grown rapidly in recent years and has become the largest supply for Vietnam.

Export cashews for the first time exceeded 4 billion USD. Photo: congthuong.vn

According to forecasts, the demand for cashew nuts in the world will continue to grow strongly in the coming years, especially in large markets such as the United States, Europe and China. The trend of healthy, nutritious products has promoted the demand for cashews in food and beverage products.

Food manufacturers in the world are increasingly interested in cashews and use them to produce a variety of products such as confectionery, milk seeds, cashew butter … This opens up many opportunities For Vietnamese cashew industry to improve product value and expand the market.

However, in order to maintain and develop the number one position in the world, the Vietnamese cashew industry also faces many challenges such as fluctuations in raw materials, competition from other countries, and quality regulations. , food safety is increasingly tight.

To solve these challenges, businesses need to focus on improving product quality, product diversification, branding and finding new markets. At the same time, the State needs to have supportive policies to develop cashew industry in a sustainable way.