Vietnam Targets US$1.89 Billion Nuts Exports In 2014

HO CHI MINH CITY, Feb 27 (Bernama) - Vietnam's cashew sector aims to earn US$1.8 billion (RM5.8 billion) from exporting 180,000 tonnes of nuts this year, Vietnam News Agency (VNA) reported.
The Vietnam Cashew Association (VINACAS) estimated that nut shell oil and other processed products would contribute to total export revenue of US$2.2 billion (RM7 billion).

VINACAS has set a target of buying 350,000 tonnes of raw cashew nuts from domestic farmers and import 650,000 tonnes from West African, East African and Southeast Asian countries this year.
VINACAS president Nguyen Duc Thanh said Vietnam's agricultural exports including cashew nuts continue to face barriers from its major importers, such as the Food Safety Modernisation Act of the US Food and Drug Administration.
He proposed that the state design policies to encourage businesses to invest more in cashew processing and produce auxiliary products, and to diversify foodstuffs to serve both domestic and foreign markets.
From January to February this year, Vietnam exported 28,000 tonnes of cashew nuts totalling US$169 million (RM541 million), representing a year-on-year decrease of 0.1 percent in volume and a rise of 2.4 percent in value.
The US, China and Holland are the country's largest importers of nuts.
--BERNAMA