Vietnam hopes to cash in on cashew exports to the U.S. after Obama visit

By Bui Hong Nhung   May 24, 2016 | 09:21 pm GMT+7
Vietnam hopes to cash in on cashew exports to the U.S. after Obama visit

The Vietnam Cashew Association (VCA) expects Obama’s visit to Vietnam will attract more traders from the U.S, which accounts for more than 50 percent of the country’s cashew export volume.

Dang Hoang Giang, vice chairman of the VCA, said that Vietnamese cashew nuts are consumed in large quantities by American people. However, most Vietnamese products are branded by trading companies, so Vietnamese nuts have been unable to make a name for themselves.

“Previously, Americans simply saw Vietnam as a developing country. They didn’t know that Vietnam is the world's largest cashew exporter.”

“Obama’s visit to Vietnam has caught the interest of the U.S press, facilitating Vietnam’s cashew exports to the U.S and other markets,” Giang said.

The chairman said that Vietnamese cashew nuts are exempt from import duties to the U.S market. However, after the Trans-Pacific Agreement (TPP) comes into effect in 2018, Vietnam’s cashew will receive preferential treatment according to the TPP’s rules of origin clause.

Karen Ross from California's Department of Food and Agriculture said during a business trip to Vietnam in April that cashews are among the most popular Vietnamese farm produce exported to the U.S., adding that the country’s cashew exports are likely to grow after the TPP is finalized.

The VCA estimated that Vietnam exported 28,500 tons of cashew nuts in the first quarter of this year, up 8.8 percent in volume compared to the same period of last year

 
 
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