Although the cashew nut processing and exporting industry was warned of many difficulties in 2023, Vietnamese exporters still have many opportunities to boost exports if both businesses and farmers turn to green production, insiders have said.
Marc Rosenblatt, a representative of The Richard Franco Agency of the US, said that American and European consumers have paid great attention to food safety, hygiene and production environment safety when deciding to choose a product.
Consumers in these markets also like to use cashew nuts because of their nutritional content, he added.
Cashew nuts are increasingly accounting for a high proportion in the consumption structure of nuts of global consumers. Therefore, clean cashew nuts will always be a priority for young people in Europe and Asia.
Experts said global consumers are increasingly interested in green production and consumption, especially in the context that the world economy is falling into recession, and consumers are tightening their spending. Consumers prioritise choosing products that protect the living and production environment.
According to Vice President of the Vietnam Cashew Association (VCA) Tran Van Hiep, Vietnam's cashew industry will continue to face difficulties in 2023 as consumers' demand is decreasing and prices are difficult to rise.
Exchange rate fluctuations are also one of the factors that push up production costs for the cashew industry, Hiep said.
Vietnam’s cashew industry has set a target of US$3.1 billion from exports in 2023. Although this figure is lower than in 2022, it is also a big challenge for the whole industry.
As the leading cashew producer in the country, the southern province of Binh Phuoc is home to 3,200 ha of organic cashew, which is certified by the US and the Fairtrade Standard of Europe.
Vu Thai Son, Director of Long Son JSC - one of the largest raw cashew processing and exporting firms of Vietnam, said to create an advantage for the cashew industry in 2023, businesses must cooperate with farmers to build clean raw material areas and enhance deep processing, thus benefiting both sides.
Read more: Agricultural Products Industry Report