Raw cashew may enjoy import tax exemption
In order to facilitate to support for Vietnam’s cashew sector to increase the processing capacity, thereby creating jobs for workers, recently, the Ministry of Finance (MoF) has submitted a draft opinion on the adjustment of import tax reduction from 5 percent to 0 percent for unshelled raw cashew nuts.
According to the statistics from Vietnam Cashew Association (Vinacas), at present, the domestic cashew output meets only half of the processing capacity and the rest must rely on imports. The buying price of imported cashew tended to increase higher against the domestic cashew buying price. In particular, in 2008, the average import price was $950 per tone while the buying price in the domestic market was $900 per tone, the prices were $1,000 per tonne and $910 per tone respectively in 2009 and $1,050 per tone and $920 per tone in 2010.
The reduction of import duties will help cashew businesses maintain the import of raw materials for processing and export, bringing in more foreign currency for the country and having more competitive advantage in the import of raw materials than other processing countries (like India, Brazil). – Vietbiz24
Tags: Raw cashew
Posted by VBN on May 9 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
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