This document is an in-depth analytical report assessing the cashew value chain, identifying market risks, and proposing strategic solutions to strengthen the resilience of Cambodia’s cashew sector. Despite rapid production growth and its position as the world’s second-largest producer of raw cashew nuts, the industry faces significant systemic risks due to its heavy dependence on raw exports to Vietnam, which account for approximately 97% of total production and rely on trader networks with thin profit margins. In addition, the extensive use of chemical fertilizers in major monoculture production areas such as Kampong Thom and Kampong Cham raises concerns about harmful residues and compliance with strict international market requirements. In response, the report recommends a national transition toward domestic value-added processing to diversify markets, maximize value across the integrated supply chain, and reduce vulnerability to climate change impacts.