HCMC – Vietnam aims for US$3.1 billion in cashew exports this year, inching up US$30 million against 2022, heard the ongoing 12th VINACAS Golden Cashew Rendezvous, a national trade promotion program of Vietnam.

The modest target was set due to many difficulties facing the global cashew market, the Vietnam Cashew Association (VINACAS) said at the 12th edition held in HCMC, which will wrap up on February 28.

According to the association, the local and global cashew markets might remain gloomy this year due to weak cashew consumption and cashew material supplies.

At the event, Vietnamese cashew firms and sector experts would work with international cashew importers, exporters and distributors to exchange experience, evaluate global market demands and adopt effective measures to develop the cashew sector of Vietnam and the world.

VINACAS said that in 2022, Vietnam’s cashew industry faced multiple challenges amid global economic uncertainties. The country exported cashew nuts worth a mere US$3.07 billion compared to US$3.63 billion in the previous year, ending a 10-year rising streak of cashew exports, from 2011 to 2021.

This year’s edition, which kicked off today, February 27, featured 350 cashew exporters, traders and producers from 40 countries and territories, the local media reported.

The annual VINACAS Golden Cashew Rendezvous aims to promote the Vietnamese cashew brand, beef up cashew consumption, boost cashew exports and strengthen the trade relation between cashew firms in Vietnam and other countries.