In order to increase the export value of cashew nuts, Vietnam plans to more extensively process the nut, rather than exporting raw or preliminarily processed products.
Vietnam has been the world’s top cashew nut exporter for the last 10 consecutive years, with the export volume accounting for 50 percent of the world’s total output.
In the first 10 months of 2016, it exported 291,000 tons of cashew nuts, reaping $2.33 billion.
Besides the cashew variety that has existed in Vietnam for years, three new varieties are bringing high yields of up to 2,500-4,000 kilos per hectares in good cultivation conditions.
Considering the output of all cashew exporters and the high demand which exceeds supply, Vinacas believes the cashew nut price will fall to below $10 per kilo.
Therefore, it believes that expanding the growing area, increasing output, and upgrading quality and processing products more deeply are what Vietnam needs to do.
Though cashew is one of the perennial crops that bring high value, Vietnam still doesn’t have cashew farms. Cashew plants are mostly grown by households, with several hectares for every household.
As the cashew nut price fell in previous years, farmers chopped down cashew trees to grow rubber and coffee. As a result, farmers now do not have enough cashew nuts to sell when the prices go up.
