+84 (24) 3200 3356Hanfimex Group | The 13th Vinacas Golden Cashew Rendezvous 2024
Written by SOFIA TRAN
FEBRUARY 29, 2024
On February 26th, Hanfimex Group participated in the 13th Vinacas Golden Cashew Rendezvous, co-organized by the Ministry of Industry and Trade and the Vietnam Cashew Association (VINACAS), held in Quang Binh province. The conference was attended by 350 delegates, including major processors, raw cashew suppliers, roasted cashew businesses, distributors,… from 40 countries worldwide. This conference was regarded as a pivotal rendezvous for global cashew industry entrepreneurs.
After the Covid-19 pandemic, the global economy has experienced a sharp decline. This has been followed by the prolonged conflict between Russia and Ukraine, and more recently, the escalation of hostilities between Israel and Hamas. It can be said that this is one of the most challenging periods for Vietnam’s cashew industry.
According to Mr. Pham Van Cong, Chairman of the Vietnam Cashew Association (Vinacas), Vietnam is currently facing several major challenges: (1) The aftermath of the Covid-19 pandemic and two major conflicts that have significantly impacted the economies of countries, posing considerable challenges to the global cashew supply chain. (2) Cashew nuts are facing stiff competition from other types of nuts, and fulfilling contracts is difficult due to high raw material prices while cashew kernels prices decrease. (3) International fraud syndicates are emerging amid the global economic difficulties. (4) The Vietnamese cashew processing industry has recently experienced rapid growth, with thousands of processing facilities, resulting in increased production and intense competition in both purchasing raw cashews and selling processed cashews. If this situation persists, the Vietnamese cashew processing industry is at risk of collapse, leading to the bankruptcy of many enterprises, disrupting the global supply chain, and causing unforeseen consequences for the global cashew industry.
According to Mr. Nguyen Minh Hoa, Vice Chairman of Vinacas, the export volume of cashews in 2023 reached over 645,316 tons, marking a new milestone in the history of Vietnam’s cashew industry (surpassing the figure of 609,260 tons in 2021). However, the revenue generated was only about 3.58 billion USD, compared to 3.75 billion USD in 2021 (according to data from Vietnam Customs). This indicates the severity of the cashew industry’s challenges in the past year.
With the aforementioned realities, alongside facilitating trade connections, information dissemination, and strengthening relationships among organizations, one of the key objectives of this year’s conference was to gather international organizations, experts, and entrepreneurs to analyze, evaluate, and propose solutions and initiatives aimed at reshaping the global cashew supply chain. This endeavor aimed to foster stable and sustainable development for both the Vietnamese and global cashew industries in the foreseeable future.
The conference featured presentations and discussions from representatives of stakeholders within the supply chain, aiming to identify the challenges they are facing in their operations and seek collaboration and support from other stakeholders. At this year’s conference, Mr. Phung Van Sam – Chairman of VietnamHanfimex Group, delivered a speech on the topic “Global Cashew Kernel Market: Growth, Trend and Forecast.” The presentation provided insights into the reasons for the significant increase in raw cashew prices while kernel prices remain low, and the potential risks for the Vietnamese cashew industry if this trend continues to rise. From this perspective, Mr. Sam also proposed that businesses should purchase “At the right time, at the right place” to balance the price of cashew kernels. Additionally, during the panel discussion on the cashew kernel market, Mr. Sam, along with international experts and representatives from companies such as Olam International and Hoang Son, provided insights into the international cashew kernel market situation and discussed future directions for businesses.
At the conclusion of the conference, with the insights and opinions shared by both domestic and international experts regarding market conditions and future trends, businesses, supported by organizations and associations, are hoped to unite, collaborate for mutual benefits, and strive for the sustainable development of the global cashew supply chain.
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