Phuong Duy Company Limited (Vietnam)

Established in 2004 in Binh Phuoc province, The subject has nearly 20 years of experience in the field of processing and trading cashew products. Its main product is still pre-processed dried cashew nuts. The subject's products have been exported to many countries such as United States, Uruguay, England, Arab Saudi, Poland, Spain, Greece ... Located in Binh Phuoc province - which is considered the "cashew capital" of Vietnam with the largest cashew area and output in the country. This place is also considered the world's number 1 cashew processing center. It has the advantage of input materials but also has to face fierce price competition from other companies in the same industry.Vietnam's cashew exports in the first quarter of 2023 reached 122 thousand tons, worth 708 million USD, up 16.6% in volume and 14.2% in value over the same period in 2022. However, also during this time, the output of cashew exports to China decreased by 25% due to the country's strong increase in imports from countries such as Ivory Coast, Togo, Tanzania, and Benin. This shows that Vietnam's cashew industry is facing a lot of competition from other producing countries in exporting to the Chinese market. It is forecasted that in 2023, the export value of Vietnam's cashew industry will reach about USD 3.1 billion (equivalent to 2022 and down 15% compared to 2021). In order to improve competitiveness, Vietnam's cashew industry and the subject need to improve product quality and find new markets to avoid passive and price pressure.