Vietnam to import 450,000 tons of cashew nuts for processing industry

By Bui Hong Nhung   June 6, 2016 | 04:59 pm GMT+7

Vietnamese enterprises will import 450,000 tons of cashew nuts worth more than $600 million from now until the year-end as domestic supplies fall short.

The Vietnam Cashew Association said that this year, the world’s largest cashew exporter will produce about 400,000 tons of nuts, down 20 percent from last year’s figure.

The processing capacity of Vietnamese firms is around 1.3 million tons per year, driving local processors to look for cashew supplies from other markets like Cambodia and Africa.

The association added that Vietnam has set a goal to export 350,000 tons of cashew products this year to fetch $2.5 billion, so it is important for the country to secure stable cashew supplies.

Last year, the country imported 853,000 tons of cashew nuts worth $1.12 billion, up 48 percent in volume and nearly 73 percent in value compared to 2014.

The Ministry of Agriculture and Rural Development has instructed authorities to find a way to increase output of cashew plantations from 0.3 tons per hectare to two tons in order to reduce Vietnam’s dependence on cashew imports.