The cashew industry in Viet Nam, the world's top cashew exporter, has grown spectacularly over the last 30 years. VNS Photo

HCM CITY— In the past 30 years since the establishment of the Vietnam Cashew Association (Vinacas), cashew exports have reached more than US$31 billion.

Phạm Văn Công, chairman of Vinacas, said the establishment of Vinacas was a turning point for the industry. Starting as a country that exported raw cashews in small quantities, Việt Nam has been the leading exporter of cashews worldwide for over 15 years.

The cashew industry exports cashews to more than 90 countries and territories, accounting for around 80 per cent of cashew exports globally.

In 1990, the association had 12 founding members, but the number of members is now more than 500, representing the fields of planting, manufacturing, processing, trading, and import-export.

Despite the strong impact of the Covid-19 pandemic, the cashew industry in Việt Nam has maintained its cashew production and export at a high growth rate compared to the same period in 2019.

According to the Agriculture Processing and Market Development under the Ministry of Agriculture and Rural Development, in the first 10 months of the year, exported raw cashews reached 415,000 tonnes, and the value of turnover was US$2.61 billion.

The US, the Netherlands and China remain Việt Nam's top three largest cashew import markets, accounting for 33.5 per cent, 13 per cent and 12.7 per cent of total cashew export value, respectively.

According to Công, the Vietnamese cashew industry is facing both new opportunities and challenges. Trade integration with the rest of the world offers great opportunities for the industry to expand its markets, and develop production and business. VNS