Participants from over 40 markets join international cashew conference in Quang Binh

Tuesday, 27/02/2024 17:45
The three-day 13th Vinacas Golden Cashew Rendezvous saw its main event kick off in the central province of Quang Binh on February 27, attracting participants from more than 40 countries and territories worldwide, reported Vietnam News Agency.
13th Vinacas Golden Cashew Rendezvous attracts participants from more than 40 countries and territories worldwide (Photo: VNA)

The annual event by the Vietnam Cashew Association (Vinacas) aims to connect cashew stakeholders and provide them with an opportunity to discuss measures for strong and sustainable development of cashew businesses in each country, and the global cashew industry to develop strongly and sustainably.

Speaking at the event, Vinacas President Pham Van Cong said that the global supply chains including that in the cashew industry have gradually recovered from the negative impacts of the COVID-19 pandemic. However, conflicts in parts of the world, high inflation, tightened monetary policy of many countries, and reduced purchasing power badly affected Vietnam’s and the global cashew industry.

In 2023, not only Vietnamese cashew nuts but also those from India, Cote d'Ivoire, and Brazil continued suffering from dropping prices. Moreover, the prices of raw cashew nuts also decreased while output increased sharply.

Vietnam Cashew Association President Pham Van Cong speaks at the event (Photo: VNA)

High production costs and low selling prices cause many cashew processors and exporters in Vietnam and other countries to suffer losses or get no profits. Many processors have had to temporarily suspend operations or reduce output, posing a high risk of mass closures, he said.

The dropping cashew prices also have a significant impact on importers, making them less likely to sign long-term orders like before.

Meanwhile, there remain concerning issues relating to food hygiene and food safety of both cashew kernels and raw nuts.

Cong said that it’s necessary to stablise the cashew industry, and urged domestic and international stakeholders to propose measures to reshape the global cashew supply chain and solve its problems.

Also on February 27, Vinacas signed cooperation agreements and documents with cashew associations in many other countries.

In 2023, Vietnam’s cashew exports reached the target of 644,000 tonnes, equivalent to 3.6 billion USD, up 24% in volume and up 18% in value against 2022.

Cargo through seaports up by 27% in first 2 months

Vietnam’s seaport throughput in the first two months of 2024 is estimated to reach more than 111 million tons, an increase of 8% year on year, according to the Ministry of Transport’s Vietnam Maritime Administration (VMA).

Cargo through seaports up by 27% in first 2 months. (Photo:

Goods of all kinds also tended to grow such as export goods estimated at 28.684 million tons (up 8%), imported goods estimated at 33.884 million tons (up 16%), domestic goods estimated at 48.593 million tons (up 4%) and goods in transit estimated at 454,000 tons.

In the 2 months, the volume of container cargo via ports reached about 4.5 million TEUs, an increase of 27%. Of which, export goods increased by 20%, imported goods rose by 19% and domestic goods soared by 40%.

The volume of container cargo through seaports in January 2024 increased by 51% year on year.

The volume of container cargo through seaports in Hai Phong, Ho Chi Minh City, and Vung Tau increased from 40-60% year on year while those through seaports in Da Nang, Dong Nai, Nghe An, Dong Thap and Can Tho increased from 49-144%./.

Vietnam-Laos trade turnover increases sharply in January

At Lao Bao International Border Gate (Photo: VNA)

The Vietnam - Laos trade turnover in January increased by 75.8% over the same period in 2023, reaching 174.4 million USD, reported Vietnam News Agency.

Specifically, Vietnam's exports to Laos were valued at 56.8 million USD, surging 104.4% year-on-year, with h increases seen for most main export items. Among them petrol and oil product earned 11.6 million USD, up 276%, iron and steel products brought home 5.44 million USD, up 176.6%, transport vehicles and spare parts 4.3 million USD, up 118.7%.

Meanwhile, imports from Laos were worth 117.6 million USD, an increase of 64.7% over the same period in 2023. The country spent 27.4 million USD to buy rubber from Laos (up 107.2%), 11.2 million USD on wood and wood products (up 62.2%), 9.2 million USD on minerals, and 8.5 million USD on maize (up 19%), among others.

With the strong trade growth in January, Vietnam - Laos trade in 2024 is expected to reach or exceed the target growth rate of 10 - 15% that the leaders of the two countries set at the 46th meeting of the Vietnam-Laos Intergovernmental Committee in early January.

Last year, their bilateral trade turnover reached 1.6 billion USD.

Australian credit institution supplies funds for Vietnam petroleum firm

At the signing ceremony (Photo: VNA)

Acuity Funding of Australia will provide finances for eight projects of the Nam Song Hau Trading Investing Petroleum Joint Stock Company (NSH Petro), based in the Mekong Delta province of Hau Giang.

The funding contract was handed over at a ceremony held at the headquarters of the Hau Giang People’s Committee on February 27.

In the first phase of the funding programme, Acuity will provide a total of about 290 million USD for the NSH Petro projects in Mai Dam township of Hau Giang, Go Cong town of Tien Giang province, and Tra Noc ward of Can Tho city to repay bank loans and tax arrears, and upgrade and expand their existing facilities.

In the second phase, the Australian fund arranger will provide a total of some 430 million USD for NSH Petro to build a new plant in Tien Giang and increase working capital to help complete integrated projects in Dong Phu commune of Hau Giang and Phong Dien district of Can Tho.

Chairman of NSH Petro Mai Van Huy said that for 2024, the Ministry of Industry and Trade assigned his company to supply 684,926 cu.m. of fuel, comprising 466,186 cu.m. of petrol and 218,740 cu.m. of diesel oil. It is working to increase production to ensure sufficient fuel supply for localities in the Mekong Delta.

Ranjit Thambyrajah, Chairman and CEO of Acuity Funding, said that Acuity, a global private credit institution and a member of the Society for Worldwide Interbank Financial Telecommunications (SWIFT), has operated in Vietnam for more than nine years.

He noted apart from the partnership with NSH Petro, with support from the Australian Government and green financial sources, it will also expand funding for public, public-private partnership (PPP) and private projects of many other businesses and localities of Vietnam to generate benefits for the community, boost sustainable development, and help with environmental protection./.