Speaking at a meeting in HCM City last Friday to review the performance of the sector this year and set tasks for next, Vinacas chairman Pham Van Cong said 418,110 tonnes were exported in the first 11 months for nearly $3 billion, a year-on-year increase of 16.5 per cent in volume but decrease of 8.3 per cent in value due to a sharp reduction in prices.
The industry imported over 1.53 million tonnes of raw cashew, a record volume.
Cong said earlier this year it had set export targets of 450,000 tonnes and $3.5 billion.
Viet Nam remained the world’s largest cashew processor and exporter, he said.
“The sector aims to earn $4 billion in exports in 2020."
It also planned to focus on increasing the rate of processing, diversifying and exporting value-added products, he said.
Although the industry is showing signs of recovery, Nguyen Minh Hoa, Vinacas vice chairman said that 2020 remained unpredictable due to the complicated developments in the international economy, trade wars, protectionism in many markets, and fluctuations in the global cashew market.
Major cashew nut roasters in the US and Europe have said they would impose additional food safety standards and check the rate of banned chemicals.
Some would tighten regulations on product origins.
Businesses need to understand these issues to meet importers’ requirements, Hoa said.
The association called on companies to continue the practice of "reducing quantity and raising quality" and upgrade machinery and equipment to increase the ratio of processed products and improve product quality and business efficiency.
Besides making market forecasts, the association would keep a close eye on market movements to timely inform its members and offer recommendations to help them make right business decisions, Cong said.
Truong Sy Ba, chairman and CEO of Tân Long Group Joint Stock Company, urged the association to set up offices in key markets such as the US, the EU and the Middle East to enable promotion and market expansion and facilitate the import of raw nuts.