Vietnam: Take advantage of opportunities, increase cashew market share in the UK

The UK market has seen an increase in the purchase of Vietnamese cashew nuts, as it does not engage in the cultivation of these nuts. Vietnam is the global leader in the production, processing, and supply of cashew kernels, with a positive growth trend in output and productivity. In May 2024, Vietnam exported 67.71 thousand tons of cashew nuts, valued at 370.34 million USD, marking a slight increase from the previous month and a significant rise from the same period in the previous year. The average export price for Vietnamese cashew nuts reached 5,469 USD/ton in May 2024. The UK is a significant market for Vietnamese cashew nut exports, with the first five months of 2024 witnessing over 8.1 million tons exported, valued at 40.1 million USD, indicating a substantial growth year-over-year. The Vietnam - UK Free Trade Agreement (UKVFTA) has led to the immediate elimination of tariffs on fresh cashew nuts from Vietnam, providing Vietnamese export enterprises with tariff incentives. However, mastering the UK's trade policies, import regulations, and consumer trends is crucial for success in the UK market.

Source: moit.gov.vn The UK market increases purchases of Vietnamese cashew nuts. Like other Western European countries, the UK does not cultivate cashew nuts, so all products are for processing and domestic consumption. re-exports are all imported goods. Meanwhile, Vietnam is the world's leading producer, processor and supplier of cashew kernels. Cashew output and productivity have grown positively in recent times. The Import-Export Department (Ministry of Industry and Trade) cited data from the General Department of Customs as saying that in May 2024, Vietnam exported cashew nuts reaching 67.71 thousand tons, worth 370.34 million USD, an increase of 1.0 % in volume and up 3.3% in value compared to April 2024, up 18.1% in volume and up 9.0% in value compared to May 2023. In the first 5 months of 2024, Vietnam exported cashew nuts reaching 285.1 thousand tons, worth 1.53 billion USD, up 29.5% in volume and 18.5% in value over the same period last year. last. In May 2024, Vietnam's ...