Tuesday, March 19, 2024 6:06:43 PM - Markets open
VN-INDEX 1,242.46 -1.10/-0.09%
HNX-INDEX 236.16 -0.51/-0.22%
UPCOM-INDEX 90.60 +0.28/+0.31%
Cashew price to recover this year
vietnamplus.vn - 3/5/2019 11:23:32 AM
 (0 ratings. You must sign in to rate.)
Cashew prices are expected to recover this year on the global market and producers should promote cooperation to remain stable.
 
Experts spoke at an international conference on the cashew industry held in Huế from March 1-3 to promote close and long-term relationships between cashew companies and create a basis for establishing trade between parties this year.
 
R K Dhoodes, chairman of the Cashew Export Promotion Council of India (CEPC) said annual consumption of cashew nuts has increased sharply, meaning good news for the global cashew industry.
 
He predicted demand will continue to rise so prices will also surge.
 
The CEPC chairman said in the future there should be a common institution for controlling trade activities to ensure parties respect contracts. Prices must be fair to ensure all parties benefit in the value chain.
 
During the conference, the Việt Nam Cashew Association (Vinacas) and the CEPC held talks about promoting cooperation in stabilising cashew prices this year.
 
The cooperation between Vinacas and CEPC, representatives of the two largest cashew processing countries in the world – India and Việt Nam, is necessary to gradually stabilise the market and ensure benefits in the global value chain this year and beyond.
 
Also at the conference, participants asked African countries to control the quality of exported cashews this year.
 
The conference forecasted that global raw cashew output this year is about 4 million tonnes (or 1 million tonnes of processed cashew), including over 2 million tonnes in Africa and the remainder from other countries including India, Việt Nam, Indonesia and Cambodia.
 
The conference this year attracted 300 businesses from Việt Nam and other countries. The annual event was under the national trade promotion programme and showed achievements and innovations in food safety and hygiene technology of Việt Nam’s cashew industry.
 
 VN exports
 
According to the Vinacas, this year, Việt Nam plans to ship 350,000 tonnes of cashew nuts for about US$4 billion, a lower volume but higher value than last year.
 
By increasing sales of processed products instead of raw cashew, the ratio of processed cashew nuts of Việt Nam is expected to rise 30 per cent, double that of two years ago.
 
Vinacas general secretary Đặng Hoàng Giang said that along with improving the quality of processed cashew nut, in June 2019, the association will survey the West Asian market, bringing about more choices for exporters in terms of market and product.
 
Vietnamese cashew is popular in demanding markets such as the US and the EU, paving the way for domestic exporters to expand markets.
 
Along with seeking new markets, Việt Nam aims to maintain major ones such as the Netherlands, China, and especially the US, which consumes up to 40 per cent of the country’s cashew nuts, said Giang.
 
He added that the current market trend is products with clear origin, as customers prefer products with strictly controlled quality.
 
Vinacas Vice President Nguyễn Minh Họa said that to conquer new markets, Vietnamese firms should pay greater attention to studying requirements of the markets to supply suitable products.
 
Họa noted that with the use of Vietnamese technology over the years, African countries have started processing cashew and reducing their exports of raw cashew. They are expected to compete with Việt Nam in the next five years.
 
With dependence on materials from other countries, it is crucial for the Vietnamese cashew sector to improve quality to enhance competitiveness, he said.
 
Vinacas chairman Phạm Văn Công said the association will ask for support from the Ministry of Industry and Trade in implementing the “Cashew of Vietnam” promotion programme as well as other programmes to assist in the building of Vietnamese cashew trademark and providing information and technical support for exporters.
 
Vinacas will ask the Ministry of Finance to deploy measures to encourage foreign-invested forms to focus on processing, contributing to increasing the ratio of processed products.
 
Although Vietnamese cashew is defined by the International Nut and Dried Fruit Council as having higher quality than that of African countries and Cambodia, the price of cashew material is not very different than that of other countries.
 
Therefore, the building of a Vietnamese cashew trademark should start by building a trademark for materials.
 
Công said Vinacas and the Ministry of Agriculture and Rural Development have built a set of national criteria for cashew material, which will be issued in 2019 and is expected to reduce problems in the quality of materials. — VNS
 
 
Read original article here
 
Newer News
15/03 Petrol prices decrease slightly in latest adjustment
15/03 HCM City urged to create breakthroughs in foreign investment attraction
15/03 Japan seeks to boost seafood processing collaboration with Việt Nam
15/03 Việt Nam's rice exports to Senegal remain low compared to demand
15/03 Northern power corp’s output up 12.02 per cent
15/03 Controlling shipping line surcharge increases for market stability
14/03 Đà Nẵng tapped to transform into international financial centre
14/03 Vietnamese economy making dynamic shift with robust growth: Hong Kong news site
14/03 Việt Nam's GDP reaches over $430 billion in 2023, fifth most in Southeast Asia
14/03 PM chairs meeting on monetary policies to remove obstacles, promote growth
Older News
04/03 Experts discuss country’s socio-economic development strategies
04/03 State capital at four firms to be auctioned in March
04/03 February’s industrial production index declines due to lunar New Year
28/02 FDI up 2.5 times in first two months of 2019
28/02 Vietnam, US sign cooperation agreements worth 21 billion USD
27/02 FDI in first two months of 2019 reaches $8.5 billion
27/02 Summit presents golden FDI opportunities
27/02 More than 2.7 billion USD worth of ODA pumped into irrigation
25/02 Tuna exports likely to reach $1b this year
21/02 Gov’t to look into unobserved economy
 
Newsletter Signup
Top Stories
Man owes bank nearly VNĐ9 billion in credit card's interest after 11 years
VN-Index corrects, liquidity stays high
Stock Market Upgrade Journey: overcoming hurdles and reaching new heights
Corporate bond market quiet in February
Losses in bank stocks weigh on market sentiment
Market Update
Last updated at 3:05:01 PM
VN-INDEX 1,242.46 -1.10/-0.09%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.