Vietnam Eyes US$992 Mln from 2008 Cashew Nut Export
Vietnam is expected to rake in US$992 million from exporting 165,000 tons of cashew nuts in 2008, according to the Ministry of Industry and Trade.
The figures will show a rise of 20.5 per cent in value despite a fall of 8.29 per cent in volume against 2007.
In Jan-Nov, the country is estimated to have exported 153,000 tons of cashew nuts, earning US$859 million, up 10.9 per cent on year in volume and 47 per cent in value, according to the General Statistics Office (GSO).
The ministry forecast that export prices of Vietnamese cashew nuts will be averaging at US$5,500 a ton by the remaining month of 2008, up 20.5 per cent compared to the same period of last year, but down 2.5 per cent from the first ten months of this year.
Despite the rises in exports, the Vietnam Cashew Association (Vinacas) complained that local cashew nut processing and exporting companies are facing a lot of difficulties like high lending rates and high import tax.
The association has proposed the Prime Minister Nguyen Tan Dung to cut tax on imported raw cashew from 5 per cent-7.5 per cent to 0 per cent.
The Vinacas also called on local banks to extend loans until the first quarter of 2009. (GSO November 2008)
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