Pham Van Cong, chairman of Vinacas, said the industry has been facing a lot of difficulties since last year.

This year, it exported nearly 245,000 tons, an increase of 10.8 percent year-on-year, but with global prices down by an average of nearly 22 percent, revenues were down 14 percent at USD 1.8 billion, he said.

Truong Sy Ba, CEO of Tan Long Group, a large agricultural enterprise, said domestic supply only meets 20 percent of the industry’s raw cashew demand and the rest has to be imported.

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Photo: baodautu.vn

Last month, Tan Long Group bought 215,000 tons from three African countries, including 176,000 tons from Tanzania, and this is expected to ease the concern about a shortage of raw materials this year, he said.

According to Vinacas experts, raw cashew prices and demand are expected to increase in the fourth quarter of this year, especially in the US.

Vinacas sought the Ministry of Trade and Industry’s support for companies to acquire machinery, equipment, technologies and facilities to improve productivity and ensure food safety and quality.

It also urged the ministry to continue with its Cashew of Vietnam program to provide market information and packaging design.

Vinacas wanted the Ministry of Agriculture and Rural Development to support a program to review and develop cashew-growing areas in neighboring countries such as Cambodia and Laos to take advantage of their land resources to create a sustainable source of raw materials for the industry.

Source: VNA