Cashew nut processing companies in need of help

Around 300,000 tonnes of cashew nuts have been purchased, with an additional 122,000 tonnes imported by Vietnamese cashew processing companies this year, due to a shortfall in production, said the Vietnam Cashew Association (Vinacas).

Vinacas also asked the State Bank Governor to provide them with VND 12 trillion in loans with preferential interest rates in order to buy a total of 360,000 tonnes of extra cashew nuts for export.

Vinacas Vice Chairman Nguyen Duc Thanh said that high VND interest rates have increased the input costs for cashew nuts processing, causing great difficulties for domestic companies when competing against foreign businesses.

The Ministry of Finance also issued the circular No.102 to reduce the import tax of cashew nuts from 5 percent to 3 percent starting from August 25.

The new circular will help cashew nut processing companies raise their processing capacity as they will have adequate material for production. – VOV

Tags: Vietnam cashew, Vietnam Cashew exports

Posted by VBN on Aug 6 2011. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry