Cashew exports to earn $1.75b

HA NOI — Viet Nam is forecast to export 200,000 tonnes of cashew nuts this year, earning an export turnover of US$1.75 billion, according to the Ministry of Agriculture and Rural Development.

The exports would increase by 25,000 tonnes in volume and $250 million in value against last year's figures, enhancing the country's position as the world's leading cashew exporter, the ministry said.

However, ensuring stable human and raw cashew resources and complying with international hygiene and food safety standards remained the main challenges for the sector in the future, it said.

To help the sector keep its top position, Minister of Agriculture and Rural Development Cao Duc Phat said the State would form policies for cashew exports, such as providing land-use certificates to cashew farmers to help them secure bank loans.

Corporate income tax reduction for cashew exporters would also be under consideration, he said, adding that the cashew sector would also better ensure the supply of raw cashews to be processed by accelerating local production of raw cashews and finding direct importation sources rather than via intermediaries, as is currently the case.

Vietnamese cashew nuts are now shipped to 50 countries and territories with the US being the largest importer, representing one-third of the total cashew export volume. The country has 220 factories processing cashew for export with a total capacity of 600,000-700,000 tonnes a year.

In the first month of this year, the country exported 12,000 tonnes of cashew nuts, with an export turnover of $98 million, equivalent to the turnover of the same period last year but with a 12 per cent reduction in quantity. — VNS

Source: http://vietnamnews.vnagency.com.vn/Economy/220441/cashew-exports-to-earn-175b.html