The Vietnamese cashew industry has demonstrated remarkable resilience and growth throughout 2024, strengthening its position as a global leader through strategic international partnerships and dynamic export performance. Here’s a comprehensive overview of the industry’s achievements and key developments.
Major Cashew Suppliers to Vietnam
Vietnam’s total cashew nut imports reached an impressive 2,385,252.67 tons, valued at $2.96 billion. Cambodia emerged as the leading supplier, contributing 782,000 tons of raw cashews worth approximately $1.1 billion. The Ivory Coast secured the second position with over 597,000 tons, valued at more than $720 million. Other markets collectively supplied more than 1,000,000 tons, reaching a value of $1.2 billion.
Outstanding Export Growth
By November 2024, Vietnam’s cashew exports had reached 711,500 tons, marking a significant year-over-year increase of 22.2% in volume and 30.7% in export value compared to 2023. The total export value reached an impressive $4.24 billion, highlighting Vietnam’s competitive advantage in the global market.
Major Export Markets
Vietnam’s cashew exports have found strong demand across several key markets:
- United States: Leading the export destinations with 147,000 tons valued at $866 million, representing 20.6% of total exports
- China: Following closely with 107,000 tons worth $616 million, accounting for 15.06% of exports
- EU and Other Markets: Dominating with a 64.33% share, totaling 457,000 tons and generating $2.75 billion in value
Industry Leaders
Vietnam’s cashew export sector is led by several prominent companies, including Olam, Long Son, Hoang Son, Thao Nguyen, Intersnack Cashew Vietnam, and Loc Viet Cuong. Notably, Prosi maintains its strong position among Vietnam’s top 10 cashew exporters.
Industry Dynamics
Despite its global leadership, Vietnam’s domestic cashew production cannot fully meet its processing demands. The country heavily relies on imports from Cambodia, Ivory Coast, Ghana, and other African nations to sustain its cashew processing industry.
Key Takeaways
The Vietnamese cashew industry continues to demonstrate robust growth despite domestic production challenges. Strategic import operations and strong export performance have reinforced Vietnam’s global leadership in the cashew market. The impressive growth in both volume and value underscores Vietnam’s significant contribution to the global supply chain.
Published by Prosi Thang Long – Your Trusted Partner in Global Cashew Trade
