The three-day 12th Vinacas Golden Cashew Rendezvous saw its main event kick off in Ho Chi Minh City on February 27, attracting the participation of 350 delegates from more than 40 countries and territories worldwide.
At the event run by the Vietnam Cashew Association (Vinacas), Vietnamese experts joined international businessmen and producers to analyse the market and suggest measures and initiatives toward the sustainable growth of the cashew sector.
Vu Ba Phu, Director General of the Vietnam Trade Promotion Agency, said the industry is forecast to continue facing various challenges that began back in 2022.
According to Phu, as key markets increasingly prioritise green products and environmental protection, there is a need to focus on building a value chain governance model, improving traceability, and minimising carbon emissions.
In the next five years, if cashew processes are not converted to green production, it will be difficult for Vietnam to see its local cashew nuts entering the high-end market despite being home to the world's leading output, he stressed.
Chairman of International Nut & Dried Fruit Council (INC) Michael Waring said the impact of the COVID-19 epidemic has severely disrupted the supply chain and consumption of cashew kernels. However, Asia remains a region that consumes a lot of raw cashews for processing and export, he added.
Waring said processors need to have a stable consumer base, so they should work together to promote market expansion.
In 2022, due to COVID-19, Vietnam exported $3.07 billion worth of cashew nuts. Given difficulties facing the global and domestic supply chains, Vinacas targeted the figure will reach just $3.1 billion this year.
Read more: Agricultural Products Industry Report