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Cambodia, Vietnam cashew bodies ink pact to boost trade
To promote cooperation and further ease trade transactions, the Cashew nut Association of Cambodia (CAC) has signed a Memorandum of Understanding (MoU) with the Vietnam Cashew Association (Vinacas).
The MoU was signed by Uon Siloth, President of the CAC, and Pham Van Cong, President of Vinacas, at Sheraton Saigon Hotel & Towers in Ho Chi Minh City of Vietnam on February 27, 2003, during the 12th Vietnam International Cashew Conference, a prominent event for the cashew sector.
The MoU, which will remain effective for the next three years, will help improve trade and business coordination with the neighbouring country, said Siloth.
Vietnam, the largest buyer of Cambodian cashew nuts, imported around 660,000 tons, worth more than $1 billion from the Kingdom last year. The shipment accounted for around 98.5 percent of the total cashew production in Cambodia.
For the cashew processing industry of Vietnam, Cambodia is an important source of the commodity in raw form. According to Vinacas, Vietnam was expected to import about 1.9 million tons of raw cashew nuts worth $2.66 billion with an average price of $1,400 per ton from all over the world in 2022.
As per the MoU, the two organisations will work towards developing short- and long-term collaborations to further the business development in the two countries. It will form the basis for developing a specific framework for cooperation.
As part of the collaboration, the CAC and Vinacas will exchange information on various aspects of the cashew sector in the two countries, including cashew-related regulations, cultivation, post-harvest technology, processing, import and export, quality standardisation and reliable cashew exporters and importers.
To strengthen relations through effective business relationship exchanges, both associations will organize regular visits and business-to-business meetings between their members in Cambodia and Vietnam, the MoU stated.
Vinacas and the CAC will coordinate and help their members in buying and selling raw cashew nuts, and settling and minimising business-related issues, which could arise during the business transactions.
The 12th Vietnam International Cashew Conference, which took place last month, was attended by more than 350 delegates from over 40 countries.
The conference, a significant event in the cashew industry calendar, attracted businesses, organisations and individuals in the global cashew value chain, such as raw cashew producers and traders, importers and exporters of raw and kernel cashews, processors, roasters, supermarkets, machinery and equipment manufacturers, consulting organisations, brokers, banks among others.
Prominent players in the sector like the International Nut and Dried Fruit Council (INC), the African Cashew Association, the Ivory Coast Cotton and Cashew Council, and the Nigeria Cashew Association were among those who attended the event.
The CAC has more than 30,000 cashew farmer members, 36 agricultural cooperatives representing 400,000 hectares of cashew farms, traders and 22 small cashew processing setups as members.
Source: https://www.khmertimeskh.com/501248657/cambodia-vietnam-cashew-bodies-ink-pact-to-boost-trade/