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Vietnam spends $1 billion importing cashew nuts from Cambodia
Cambodia exported a total of 670,000 tonnes of raw cashew nuts worth $1.07 billion last year to the international market, with 98.5 percent of its raw cashew nuts worth $1 billion being shipped to Vietnam.
Furthermore, Cambodia’s raw cashew nuts are also one of the main sources for cashew processing in Vietnam.
According to details given by the Vietnam Cashew Association (Vinacas), last year Vietnam imported about 1.9 million tonnes of raw cashew with an average price of $1,400 per tonne. Local businesses spent roughly $2.66 billion on importing raw materials.
Vietnam continues to represent the leading importer of raw cashew worldwide, with the major providers of cashew nuts for the nation including Cambodia, as well as African countries such as the Ivory Coast, Ghana, Nigeria, and Tanzania.
Currently, the cultivation area for Vietnamese cashew stands at only 300,000 hectares, providing about 30% of raw materials for local businesses’ processing demand.
Therefore, Vinacas has proposed that the Ministry of Agriculture and Rural Development devise a long-term plan specifically for cashew growing areas by developing cashew material zones in both Cambodia and southern Laos. VOV