Vietnam's cashew export targets $4 bln by 2015

The Vietnam Cashew Association (VINACAS) has set a 2013-2015 export target of over $4 billion, equivalent to $1.4-1.5 billion each year.

According to VINACAS, to fulfill its goal, which was proposed during its meeting on December 21 in Ho Chi Minh City, the association’s member enterprises need to focus on traditional markets including the US, EU, China and Australia.

They also need to promote their presence in the Middle East, Eastern Europe, North Asia and ASEAN nations.

The association advised its members to enhance their quality of service, increase direct sales to importers and distributors, participate in trade and investment promotion activities, and improve their proficiency in foreign trade and export payment.

In addition, VINACAS requested Government support, including short- and middle-term loans totaling VND43 trillion to buy raw cashew materials in the 2013-2015 period, a 0.5 percent decrease in material import tax, and a tax payment extension of 6-12 months for raw cashew imports.

VINACAS forecasts many export difficulties in 2013, including technical and trade barriers from import countries, requiring the sector to thoroughly supervise their production process and renovate their technology to meet market requirements.

Vietnam has been the world largest exporter of cashew nuts for seven consecutive years. In 2012, it shipped 220,000 tons of cashew nuts abroad, earning $1.45 billion.

Vietnamese cashew nuts are available in more than 100 countries and territories. The US is the biggest market with 35 percent of Vietnam’s exports. It is followed by China and the EU with 20 percent each.

Source: VNA