Cashew industry faces risk of trade deficit
![]() |
Processing cashews for export at a factory in Bình Phước Province. Việt Nam's cashew nut exports in the first eight months of 2024 reached 486,470 tonnes. — VNA/VNS Photo |
Exports of cashews were up 22.9 per cent in volume and 21.8 per cent in turnover year-on-year, according to the General Department of Customs, with an average price per tonne of US$5,706.
Notably, the export turnover of cashew nuts still maintained growth, but the gap between the export value and the import turnover of raw materials has gradually narrowed.
In 2023, the export turnover of cashew nuts reached $3.64 billion, while the import of raw materials stood at $3.1 billion. The industry achieved a trade surplus of $500 million.
In the first eight months of this year, the cashew industry spent about $2.7 billion to import raw materials for processing, approaching the import value of last year.
"This figure accurately reflects the current situation of the cashew industry," said Vũ Thái Sơn, chairman of Bình Phước Cashew Association and general director of Long Sơn Company.
Việt Nam is the world's leading country in processing cashew nuts. It has a large number of factories, but the domestic raw material area is reducing, only meeting about 10 - 12 per cent of the demand for raw cashew nuts for those factories. Most of the raw materials have to be imported from Africa and Cambodia, according to Sơn.
A few years ago, the raw cashew nut supply was quite large, however this year supplies have fallen sharply due to drought.
In addition, African countries' export of raw cashew nuts has also tightened, so the selling price of raw cashew nuts has increased by 40-50 per cent.
The growth rate of the export price of cashew nuts is not significant, so many enterprises have suffered heavy losses.
According to the Việt Nam Cashew Association (VINACAS), Việt Nam's cashew tree growing area is gradually decreasing year on year, from 440,000ha in 2007 to 302,500ha in the 2019-2020 crop year, with an output of about 339,800 tonnes.
In 2024, the total cashew area nationwide will remain at 305,000ha, with estimated output of raw cashew nuts at 370,000 tonnes. With low incomes and greater competition from imported raw cashew nuts, the domestic growers in some areas have switched to other crops with higher value.
At the beginning of this year, the price of cashew nuts skyrocketed - suppliers demanded price increases or cancelled contracts, causing a lack of raw material for domestic cashew factories.
Bạch Khánh Nhựt, VINACAS permanent vice chairman, said every year Việt Nam imported more than 2.5 million tonnes of raw cashews, of which about 1.7 million tonnes are sourced from Africa, mainly west Africa.
This year, El Nino impacted cashew production across Africa, including the Ivory Coast, leading to low output and high prices.
Raw material exporters from Africa had increased the price of the contracts that had previously been signed with Vietnamese enterprises, by 40-50 per cent to $1,500-$1,700 per tonne.
For many years, Việt Nam had led the global cashew supply chain, but that position was shaky and would certainly be lost if it did not change in time.
Small and medium sized factories must compete with large export processing enterprises, mainly foreign direct investment (FDI) factories, in purchasing raw cashew nuts. SMEs could face bankruptcy if things do not change, leading large firms to eventually dominate the world cashew nut market, he warned.
"The cashew industry's profits have always been very low and now there is no profit, some even face losses," Sơn told Thanh Niên newspaper.
Small enterprises who sell cashew nuts on the domestic market or export to China without signing a contract in advance, are the only ones who can make money.
See also
![Vietnam becomes largest exporter of frozen pangasius fillets to Malaysia](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/05/14/croped/medium/bieu-do-nhap-khau-ca-thit-trang-cua-malaysia-tu-thang-1-den-thang-82024-anh-vasep20241205145215.png?241205025542)
Vietnam becomes largest exporter of frozen pangasius fillets to Malaysia
14:55 | 05/12/2024 Foreign trade
![Vietnamese pangasius becomes leading option for Brazilian consumers](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/15/15/croped/medium/xuat-khau-ca-tra1-166235653720241015154302.jpg?241015034424)
Vietnamese pangasius becomes leading option for Brazilian consumers
15:44 | 15/10/2024 Foreign trade
![Shrimp exports bring home nearly 2.8 billion USD in nine months](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/15/09/croped/medium/shrimp-520620241015095532.jpg?241015095624)
Shrimp exports bring home nearly 2.8 billion USD in nine months
09:56 | 15/10/2024 Major exports
![Việt Nam](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/15/09/croped/medium/379871-4977254060462946-saurieng20241015095042.jpg?241015095146)
Việt Nam's trade turnover poised to hit $800 billion mark
09:51 | 15/10/2024 Foreign trade
![Vietnam-Cambodia trade turnover soars by 21.9% in nine months](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/14/09/croped/medium/exports-to-cambodia20241014094753.jpg?241014095034)
Vietnam-Cambodia trade turnover soars by 21.9% in nine months
09:50 | 14/10/2024 Foreign trade
![Tuyen Quang exports first batch of OCOP products to the UK](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/12/16/croped/medium/anh-3-81-6574-3420241012164548.jpg?241012044710)
Tuyen Quang exports first batch of OCOP products to the UK
16:47 | 12/10/2024 Foreign trade
See more news
![Green export: Change or exit the “game”?](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/12/16/croped/medium/xk-120241012162853.jpg?241012043114)
Green export: Change or exit the “game”?
16:31 | 12/10/2024 Foreign trade
![US issues preliminary anti-subsidy findings on solar panel imports from Vietnam](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/08/09/croped/medium/pin-61024-552420241008092449.jpg?241008092555)
US issues preliminary anti-subsidy findings on solar panel imports from Vietnam
09:25 | 08/10/2024 Foreign trade
![Vietnam, Tunisia promote trade cooperation](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/07/10/croped/medium/may-816120241007100331.jpg?241007100451)
Vietnam, Tunisia promote trade cooperation
10:04 | 07/10/2024 Foreign trade
![Import-export revenue rises over 16% in nine months](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/07/08/croped/medium/img-8799-778220241007085228.jpg?241007085402)
Import-export revenue rises over 16% in nine months
08:54 | 07/10/2024 Foreign trade
![Rice exports expected to exceed 5 billion USD target](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/06/17/croped/medium/5-10-rice-871320241006170340.jpg?241006050501)
Rice exports expected to exceed 5 billion USD target
17:04 | 06/10/2024 Major exports
![US initiates probe into dumping and countervailing duties on Vietnamese steel](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/06/16/croped/medium/screen-shot-2024-10-05-at-170017-020241006165248.jpg?241006045643)
US initiates probe into dumping and countervailing duties on Vietnamese steel
16:55 | 06/10/2024 Foreign trade
![Vietnam](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/05/17/croped/medium/xkgao-1656814055593-79120241005171407.jpg?241005051646)
Vietnam's rice export turnover up 23.5% in nine months
17:16 | 05/10/2024 Major exports
![Nine-month agro-forestry-fisheries exports rise 21%](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/04/09/croped/medium/durian-667620241004093440.jpg?241004093544)
Nine-month agro-forestry-fisheries exports rise 21%
09:35 | 04/10/2024 Foreign trade
![Vietnam earns over 7 billion USD from fishery exports in nine months](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/04/09/croped/medium/thuy-san-190724-1-310320241004091003.jpg?241004091110)
Vietnam earns over 7 billion USD from fishery exports in nine months
09:11 | 04/10/2024 Major exports
![Vietnam-France trade, investment ties expected to grow further](https://ven.congthuong.vn/stores/news_dataimages/2024/102024/04/09/croped/medium/france-950920241004090524.jpg?241004090630)
Vietnam-France trade, investment ties expected to grow further
09:06 | 04/10/2024 Foreign trade
![Security, order guarantee must contribute to expanding development space: Party chief](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/16/croped/thumbnail/hoi-nghi-dang-uy-ca-tw20241217165521.jpg?241217045624)
Security, order guarantee must contribute to expanding development space: Party chief
16:56 | 17/12/2024 News and Events
![Viet Nam](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/15/croped/thumbnail/ban-dan20241217154519.jpg?241217034725)
Viet Nam's semiconductor industry revenue estimated at over US$18 billion in 2024
15:47 | 17/12/2024 Industry
![Creating an export identity for Vietnamese tea](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/15/croped/thumbnail/1-che-1-1649-999920241217153648.jpg?241217034012)
Creating an export identity for Vietnamese tea
15:40 | 17/12/2024 Economy
![Vietnam’s tuna exports exceed US$900 million in 11 months](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/15/croped/thumbnail/xuat-khau-ca-ngu-viet-nam20241217152449.jpg?241217032629)
Vietnam’s tuna exports exceed US$900 million in 11 months
15:26 | 17/12/2024 Trade
![Over 500 luxury brands offer huge discounts at 2024 City Sale](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/14/croped/thumbnail/920241217145306.jpg?241217025450)
Over 500 luxury brands offer huge discounts at 2024 City Sale
14:54 | 17/12/2024 Economy
Multimedia
![total fdi registered in vietnam hits 314 billion usd in january november](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/09/croped/fdi20241217090015.jpg)
Total FDI registered in Vietnam hits 31.4 billion USD in January-November
09:02 | 17/12/2024 Infographic
![first 11 months of 2024 import export turnover increases 154](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/10/croped/1120241216105351.jpg)
First 11 months of 2024: Import-export turnover increases 15.4%
10:55 | 16/12/2024 Infographic
![11 month agro forestry fishery exports exceed yearly target](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/15/19/croped/xk-nong-lam-thuy-san-ngoc-34420241215195220.jpg)
11-month agro-forestry-fishery exports exceed yearly target
19:55 | 15/12/2024 Infographic
![hanoi achieves or exceeds 2324 socio economic targets for 2024](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/08/croped/hanoi20241213085304.jpg)
Hanoi achieves or exceeds 23/24 socio-economic targets for 2024
08:57 | 13/12/2024 Infographic
![quang trach pho noi 500kv circuit 3 power transmission line miracle in infrastructure development](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/12/09/croped/500kv20241212090221.jpg)
Quang Trach – Pho Noi 500kV circuit-3 power transmission line: Miracle in infrastructure development
09:05 | 12/12/2024 Infographic
![PM urges combating group interest during apparatus restructuring](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/10/croped/chinh20241213104455.jpg?241213104715)
PM urges combating group interest during apparatus restructuring
10:47 | 13/12/2024 Policy
![Vietnam viewed as a priority in India](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/12/15/croped/india20241212151918.jpg?241212032022)
Vietnam viewed as a priority in India's Act East policy
15:20 | 12/12/2024 Policy
![Australia shows interest in Việt Nam](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/08/16/croped/392580-5029065716356496-hab120241208165359.jpg?241208050120)
Australia shows interest in Việt Nam's vision of a 'rising era'
16:54 | 08/12/2024 Policy
![Plan to streamline Government](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/06/09/croped/anh-minh-hoa20241206093724.jpg?241206093830)
Plan to streamline Government's organisational apparatus finalised
09:38 | 06/12/2024 Policy
![Viet Nam](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/15/croped/ban-dan20241217154519.jpg?241217034725)
Viet Nam's semiconductor industry revenue estimated at over US$18 billion in 2024
15:47 | 17/12/2024 Industry
![Small nuclear reactors could power Vietnam’s net-zero future: experts](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/09/croped/nuclear-power-vietnam-vna-321220241217091440.jpg?241217091605)
Small nuclear reactors could power Vietnam’s net-zero future: experts
09:16 | 17/12/2024 Energy
![Vietnam home to 174 FDI projects in semiconductor sector](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/09/croped/semicon-844520241217091019.jpg?241217091154)
Vietnam home to 174 FDI projects in semiconductor sector
09:11 | 17/12/2024 Industry
![Garment industry urged to gain self-sufficiency in raw materials for UK expansion](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/15/croped/garment-and-textile-289120241213152107.jpg?241213032354)
Garment industry urged to gain self-sufficiency in raw materials for UK expansion
15:23 | 13/12/2024 Industry
![Can Tho attracts non-state investment](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/10/croped/goc-thanh-pho-can-tho20241217101918.jpg?241217102103)
Can Tho attracts non-state investment
10:21 | 17/12/2024 Investment
![FDI remains vital contributor to boost economic growth](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/09/croped/fdi20241213090407.jpg?241213090639)
FDI remains vital contributor to boost economic growth
09:06 | 13/12/2024 Investment
![Total investment for Bien Hoa - Vung Tau expressway project to increase by VND6.3 trillion](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/12/14/croped/chu-truong-dau-tu-brvt20241212145127.jpg?241212025439)
Total investment for Bien Hoa - Vung Tau expressway project to increase by VND6.3 trillion
14:54 | 12/12/2024 Investment
![HCM City lays out plans for sound business climate with Japanese firms](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/11/16/croped/hoi-nghi-ban-tron-tp-hcm20241211164616.jpg?241211045006)
HCM City lays out plans for sound business climate with Japanese firms
16:50 | 11/12/2024 Investment
![Many banks increase deposit interest rates in year-end period](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/16/croped/agribank-transaction-office20241216165518.jpg?241216045642)
Many banks increase deposit interest rates in year-end period
16:56 | 16/12/2024 Finance-Banking
![Deputy PM urges extra efforts to remove Vietnam from money laundering grey list](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/15/croped/dpm-ho-duc-phoc-dua-vn-ra-khoi-ds-phong-chong-rua-tien20241213151459.jpg?241213031641)
Deputy PM urges extra efforts to remove Vietnam from money laundering grey list
15:16 | 13/12/2024 Finance-Banking
![Realty stocks see signs of recovery](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/10/15/croped/urban-area-hcm20241210150117.jpg?241210030711)
Realty stocks see signs of recovery
15:07 | 10/12/2024 Finance-Banking
![Finance ministry to use AI in stock market surveillance](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/08/09/croped/ai-in-stock-monitor20241208091534.jpg?241208091826)
Finance ministry to use AI in stock market surveillance
09:18 | 08/12/2024 Finance-Banking
![Master Plan on Sustainable Exploitation and Use of Coastal Resources announced](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/11/croped/anh-hoi-nghi-cong-bo20241216112146.jpg?241216112603)
Master Plan on Sustainable Exploitation and Use of Coastal Resources announced
11:26 | 16/12/2024 Environment
![French agency ready to support Ninh Thuan in climate adaptation project](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/14/11/croped/climate-460220241214113654.jpg?241214113840)
French agency ready to support Ninh Thuan in climate adaptation project
11:38 | 14/12/2024 Environment
![Bac Ninh closely monitors environmental protection at local craft villages](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/11/08/croped/bac-ninh-giam-sat-chat-che-moi-truong-lang-nghe20241211085735.jpg?241211085939)
Bac Ninh closely monitors environmental protection at local craft villages
08:59 | 11/12/2024 Environment
![Steel, thermal power enterprises participate in training course on ETS and carbon market](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/10/14/croped/toan-canh-91220241210141221.jpg?241210030158)
Steel, thermal power enterprises participate in training course on ETS and carbon market
15:01 | 10/12/2024 Environment
![Two VNA newspapers rated "excellent" in digital transformation maturity](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/14/croped/420241217142835.jpg?241217023102)
Two VNA newspapers rated "excellent" in digital transformation maturity
14:29 | 17/12/2024 Science - Technology
![Russia’s autonomous area wants to boost IT cooperation with Vietnam](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/14/croped/520241216145829.jpg?241216030036)
Russia’s autonomous area wants to boost IT cooperation with Vietnam
15:00 | 16/12/2024 Science - Technology
![Tokyo forum provides youngsters with insights into IT career](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/14/croped/420241216145426.jpg?241216025602)
Tokyo forum provides youngsters with insights into IT career
14:55 | 16/12/2024 Science - Technology
![NVIDIA deal – catalyst for Vietnam’s tech growth: investment site](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/13/09/croped/120241213094700.jpg?241213094909)
NVIDIA deal – catalyst for Vietnam’s tech growth: investment site
09:48 | 13/12/2024 Science - Technology
![Hanoi’s master plan targets per capita GRDP of 46,000 USD by 2050](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/16/croped/screenshot-2024-12-16-145419-32720241216161841.jpg?241216041953)
Hanoi’s master plan targets per capita GRDP of 46,000 USD by 2050
16:19 | 16/12/2024 Society
![Vietnamese students excel in mathematical skills, win big at int’l contest](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/16/croped/vietnamese-students-602020241216161220.jpg?241216041412)
Vietnamese students excel in mathematical skills, win big at int’l contest
16:14 | 16/12/2024 Society
![Cashless electronic payment applied on all Hanoi bus routes](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/15/croped/anh20241216150420.png?241216030602)
Cashless electronic payment applied on all Hanoi bus routes
15:06 | 16/12/2024 Society
![Vietnam strives to complete 100,000 social houses by 2025](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/14/croped/social-housing-473220241216145707.jpg?241216025819)
Vietnam strives to complete 100,000 social houses by 2025
14:58 | 16/12/2024 Society
![Hanoi promotes key industrial products](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/15/12/croped/420241215125557.jpg?241215125739)
Hanoi promotes key industrial products
12:57 | 15/12/2024 Vietnamese Brands
![Building a strong brand for Ha Giang’s thick-skinned orange](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/12/14/croped/unnamed20241212142316.jpg?241212023157)
Building a strong brand for Ha Giang’s thick-skinned orange
14:31 | 12/12/2024 Vietnamese Brands
![2024 Vietnam Business Day opens shop in Japan](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/04/14/croped/320241204144815.jpg?241204024946)
2024 Vietnam Business Day opens shop in Japan
14:49 | 04/12/2024 Vietnamese Brands
![Việt Nam](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/02/14/croped/120241202145334.jpg?241202025538)
Việt Nam's OCOP products debut at AF-L'ARTIGIANO IN FIERA 2024 in Milan
14:55 | 02/12/2024 Vietnamese Brands
![Legendary band Boney M to thrill Vietnamese audiences this Christmas](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/14/croped/820241217144850.jpg?241217025024)
Legendary band Boney M to thrill Vietnamese audiences this Christmas
14:49 | 17/12/2024 Culture
![Ten prominent cultural, sports, tourism events in 2024 announced](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/14/croped/620241217143705.jpg?241217024009)
Ten prominent cultural, sports, tourism events in 2024 announced
14:39 | 17/12/2024 Culture
![Argentine culture moves closer to Vietnam with Tango dance](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/15/croped/d248b394-aa5b-4a52-92ae-34aca0ca1f7220241216150845.jpg?241216031533)
Argentine culture moves closer to Vietnam with Tango dance
15:15 | 16/12/2024 Culture
![Music night honours friendship of Vietnam, Latin American countries](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/15/croped/620241216150334.jpg?241216030505)
Music night honours friendship of Vietnam, Latin American countries
15:04 | 16/12/2024 Culture
![Vietnam among top 3 destinations appealing to Australians](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/17/14/croped/520241217143302.jpg?241217023428)
Vietnam among top 3 destinations appealing to Australians
14:34 | 17/12/2024 Tourism
![Ha Long Bay celebrates 30 years as a world heritage site](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/15/croped/820241216151454.jpg?241216031640)
Ha Long Bay celebrates 30 years as a world heritage site
15:16 | 16/12/2024 Tourism
![“Biet dong Sai Gon - Legendary Tunnels" tour launched](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/16/15/croped/720241216150904.jpg?241216031225)
“Biet dong Sai Gon - Legendary Tunnels" tour launched
15:10 | 16/12/2024 Tourism
![Cao Bang promotes UNESCO-recognised global geopark](https://ven.congthuong.vn/stores/news_dataimages/2024/122024/15/13/croped/720241215131032.jpg?241215011220)
Cao Bang promotes UNESCO-recognised global geopark
13:11 | 15/12/2024 Tourism