2:20:17 PM | 29/10/2008
Vietnam cashew nut industry has basically fulfilled its export target at US$680 million in 2008 set by the Ministry of Industry and Trade, the Vietnam Association of Cashew Nut (VINACAS) said.
In the first nine months, the industry exported 122,140 tons of cashew nuts worth US$687 million.
But the association said the global financial crisis is hitting local cashew nut exporters.
At main markets like the U.S. and EU, cashew nut demand decrease pulled its price down by US$2 a kilogram from several months ago to only US$5.5-5.7 a kilogram, the association said, adding that at these prices, local companies gained no profit.
The companies have recently had to sell their nuts for low prices to pay debt for banks, the VINACAS added. The association October 23 called for the Government’s help by postponing collection of corporate income tax until June 2009 while extending debt from the fourth quarter of 2008 to the first quarter of 2009. (Saigon Liberation)
Vietnamese
