The trend of international economic integration has been opening up many trade opportunities for the Vietnamese business community. However, there are also many scams that cause local firms to suffer heavy losses.
At a today meeting on the cashew production and business in the first five months of 2022 and the implementation of the plan for the last months of 2022, the Vietnam Cashew Association (Vinacas) announced that cashew exports decrease due to rising oil prices, epidemics, Russia and Ukraine conflict.
Under a memorandum of understanding on agribusiness signed in Hanoi yesterday between T&T Group of Vietnam and Guinea Bissau , T&T Group pledged to import raw cashew nuts from Guinea Bissau with an annual volume of 150,000-200,000 tons in 2018 and next years.
Agro-forestry-aqua exports were estimated at US$2.39 billion in October, raising export turnover in first ten months of the year to $22.73 billion, according to the Ministry of Agriculture and Rural Development.
At a meeting on October 17 to review agro-export revenues and plans for next three months of the year, the Ministry of Industry and Trade said that export turnover in first nine months of the year has declined.
Although cashew exports saw an increase of 30 percent in volume, and 14.1 percent in value compared to the same period last year, many small and medium exporters are facing difficulties and even risk of closing down factories, according to the Vietnam Cashew Association.
Vietnam exported more than 55,000 tonnes of cashew nuts in the first quarter and generated US$380 million in revenue, up 29 per cent in value and 37 per cent in volume, heard at the 7th International Customer Conference organised by the Vietnam Cashew Association on May 22 in Nha Trang City.
The quantity of cashew nuts exported from Vietnam in the first seven months of this year is reported to have reached 84,000 tons with a turnover of US$656 million , according to Nguyen Thai Hoc, chairman of the Vietnam Cashew Association (Vinacas).
Vietnam has become the world’s largest cashew nut exporter and processes both domestic and imported nuts from foreign countries. However, local cultivation areas are paradoxically decreasing sharply, said Dr. Hoang Quoc Tuan from the Sub - National Institute of Agricultural Planning and Project on March 20.
While Viet Nam has surpassed India to become the world’s top cashew-nut exporter, doubts abound about how long the nation can hold onto top spot. The sector faces several challenges in terms of funding, labor supplies and international food-hygiene standards.