Vietnam targets 2.5 bln USD revenue from cashew exports

Vietnam targets 2.5 bln USD revenue from cashew exports

HO CHI MINH CITY, Feb. 6 (Xinhua) -- Vietnam targeted a total revenue of 2.5 billion U.S. dollars from cashew exports in 2015, higher than last year's 2 billion U.S. dollars, according to the Vietnam Cashew Association (Vinacas) on Friday.

In 2014, Vietnam shipped cashew nuts to 50 nations around the globe, with the U.S. market accounting for 30 percent of Vietnamese cashew exports, followed by the European Union (EU) with 25 percent and China with 20 percent.

In recent years, Vietnam's cashew output averaged 400,000 tons per annum while local businesses' processing capacity hit 1 million tons. The country faces tough competition from other nations, especially those from Africa.

Last year, cashews continued to be one of the country's key farm produce exports, after rice, rubber and coffee, according to the association.