Ten-month cashew export enjoys robust growth

• National Assembly targets 6.7% GDP growth in 2017
• Party chief signs resolution on renewing growth model
• Vietnam likely to achieve 6.33% growth rate

The figures presented year-on-year increases of 5.8% in volume and over 3 percent in value, respectively.

Vietnam’s cashew export value is forecast to hit US$2.7 billion in the whole year.

Ten-month cashew export enjoys robust growth. (Photo: Internet)

President of the Vietnam Cashew Association (VCA) Nguyen Duc Thanh said the result would help Vietnam continue maintaining its market share of over 50% of the globe's cashew nuts trade value (about US$55.5 billion).

2016 marks the 11th consecutive year Vietnam holds leading position in the world in exporting cashew nuts, he noted.

In the coming time, the sector will enhance product diversification and cleaner production, as well as expand domestic market in order to lift its revenue to about US$2.9 billion in 2017.

The sector targets to produce 600,000 tonnes of raw cashew nuts by 2020.

Promotion programmes will be intensified, aiming to consuming about 30,000 tonnes of cashew in the domestic market by 2020, double that of 2015.

Attention will be paid to building the brand name for Vietnamese cashew through encouraging enterprises to join the National Trademark programme, and foster exports.

Babafemi Oyewole, Managing Director of the African Cashew Alliance said the 128-member organisation wishes to enhance cooperation with the VCA to create high-value products.

Participants to the conference focused their discussions on development strategy of the cashew sector, the international cashew market forecast , and how to improve the cashew quality and boost trade links among Vietnamese raw cashew importers.