n the first three months of 2026, Vietnam's cashew exports reached 125.5 thousand tons, equivalent to $860.62 million, an increase of 2.8% in volume and 2.6% in value compared to the same period in 2025. This increase is not particularly dramatic but shows the stability of the industry amidst the volatile global agricultural trade. Looking at the monthly trends, export activity has fluctuated significantly. March 2026, in particular, recorded strong growth compared to February, with an increase of over 108% in both volume and value, reflecting seasonal factors and accelerated delivery schedules during the peak period. However, compared to the same period last year, the March export value decreased by nearly 10%, indicating that the growth trend is not yet truly sustainable. The average export price in the quarter reached US$6,858 per ton, a slight decrease of 0.1% compared to the same period last year. While the decrease wasn't significant, it reflects price competition pressure in a context where there is no shortage of global supply. The export structure is undergoing a rebalancing towards reduced dependence on a few traditional markets. The United States continues to be the largest partner, with a volume of 32.8 thousand tons (up 13.6%) and a value of $221.17 million (up 12.2%). Notably, Vietnam's cashew market share in this market increased from 88.19% to 88.68% in just the first two months of the year, demonstrating a near-dominant position. Conversely, exports to China decreased sharply, reaching only 14.6 thousand tons, a 16% decrease in volume and a 6.2% decrease in value. This decline not only reflects market demand but also demonstrates the proactive market diversification strategy of Vietnamese businesses to minimize risks. Conversely, many other markets recorded impressive growth, such as Thailand (up 65.5%), Canada (up 52.0%), Spain (up 34.6%), and Germany (up 26.1%) in volume. This trend shows that the cashew industry is gradually expanding its market reach, reducing its dependence on traditional destinations. On the supply side, domestic raw material sources are not entirely favorable. Although March is the peak harvest month, yields in some regions have slightly decreased due to unusual weather. Meanwhile, the price of imported raw cashew nuts remains high, commonly above 40,000 VND/kg, despite a downward trend in floor prices in some West African countries. The main reasons stem from increased logistics costs and competition for high-quality raw materials. Standard pressures and consumer trends are reshaping the industry. While market factors and input costs create short-term pressures, changes in consumer standards and behavior are reshaping the long-term structure of the cashew industry. In major import markets, particularly the United States, food safety regulations are becoming increasingly stringent. Regulatory agencies are strengthening microbiological controls against bacteria such as Salmonella and Listeria, while also implementing roadmaps for controlling heavy metals and microplastics. Simultaneously, digital traceability requirements are forcing businesses to build comprehensive data systems throughout the supply chain, with the ability to trace products within 24 hours. These standards are not only technical barriers but also market filtering factors, creating advantages for businesses with sound management and investment capabilities. On the demand side, global consumer trends are shifting strongly towards "clean" and plant-based products. Demand for products like cashew milk and cashew butter is increasing rapidly, especially among young consumers. This leads to an increase in demand for raw materials used in advanced processing, instead of just consuming traditional raw nuts. The market also shows a clear differentiation in value. Ready-to-eat, conveniently packaged, and branded products are increasingly popular, while the raw nut segment tends to face greater competitive pressure. Even in the premium segment, large-sized nuts maintain a stable position, especially during specific consumption occasions. In this context, competitive pressure comes not only from traditional exporting countries but also from emerging producers. In West Africa, increased on-site processing coupled with cost-effective logistics advantages is helping some countries gradually expand their market share in major markets such as the United States. The first quarter of 2026 shows that Vietnam's cashew industry is in a state of "controlled growth," maintaining its market expansion momentum while gradually adapting to new requirements. However, to maintain a competitive advantage, the focus is no longer on production volume, but rather on deep processing capabilities, quality control, and the ability to meet increasingly stringent global standards.