Cashew sector struggles to meet target

Vietnam’s yield of cashew nuts is forecast to reach 300,000 tonnes in 2010, up 4,000 tonne from 2009.

The figure was released at a seminar on the development strategy for the cashew sector to 2020, held by the Vietnam Cashew Association (Vinacas) in Ho Chi Minh City on April 19.

Despite the growth, the volume will not meet the year’s target of 500,000 tonnes, which is attributed to the shrinkage of the cashew cultivation area. Farmers in many southeastern provinces are now planting cassava and rubber instead.

Cashew-planting provinces are now harvesting their major crop of the year. Cashew prices hovers around VND16,000-18,000/kg, VND1,000-3,000 higher than last year’s period.

However, cashews are transacted at only US$5,200/tonne on the global market.

VOVNews

Tags: Vietnam agriculture, Vietnam cashew