The cashew industry is expected to top the 1 billion USD mark in export value this year for the first time, helping the country maintain its position as the world's leading cashew exporter for the fourth consecutive year, the Vietnam Cashew Association (Vinacas) says.

The industry was predicted to export 198,000 tonnes of cashews, earning 1.14 billion USD for this year, said Nguyen Thai Hoc, Vinacas chairman. Exports would jump by 11.8 percent in volume and 34 percent in value against last year.

A year-on-year increase of 32 percent in value to 1.5 billion USD was projected for next year, Hoc said.
"It might be difficult to hit this target because the industry may lack raw materials and workers for processing export products. It may also have to struggle due to low product diversification and increased processing costs."

"However, Vinacas hopes that the business environment at home and abroad will help the industry reach next year's target," he added.

The association had already completed a draft development strategy for the cashew industry by 2015 and towards 2020 to submit to the Government and other relevant ministries and sectors, Hoc said.

According to the Ministry of Agriculture and Rural Development, the industry exported 179,000 tonnes of cashew in the first 11 months of this year, worth 1 billion USD, a year-on-year increase of 11 percent in volume and 31.9 percent in value.

The average export price of Vietnamese cashew jumped by 27 percent to 6,000 USD per tonne compared with the same period last year, said Hoc.

Vietnam 's cashew nuts are exported to 52 countries and territories, including the United States , China and the European Union.-- Enditem