Vietnam eyes 2030 macadamia revenue at $1 billion

Reuters | Khanh Vu Friday | 09/25/2020 21:25

Photo: vnmacca.com.vn

The country plans to rapidly expand macadamia farms to 100,000 hectares by 2030, mostly in the Central Highlands as demand rises.

The macadamia farming area is scheduled to increase fivefold to 50,000 hectares over the next five years since the Government aims to make the nuts one of its key agriculture exports, Reuters reported.

Macadamia has only recently been grown on large scale in Vietnam, which is already the world’s biggest exporter of cashew nuts and one of its biggest producers of rice, coffee and pepper.

Annual macadamia revenue, mostly from exports, is expected to reach $500 million by 2025, the government said.

“Global macadamia demand now outpaces supply,” Minister of Agriculture and Rural Development Nguyen Xuan Cuong said in a statement on the government’s website.

Source: Reuters