The Vietnam Cashew Association (Vinacas) has called for commercial banksto lower interest rates for local cashew nut exporters in a bid torevamp the industry and increase competitiveness.
Radio The Voiceof Vietnam (VOV) on July 1 quoted Vinacas Vice Chairman Dang HoangGiang as saying that since 2006 Vietnam had held the largest globalmarket share of cashews.
At present, however, the industry isoperating at only 50% of capacity, he said, adding that it is alsooverly dependent on imports which increase costs, putting immensepressure on profits and cash flow.
“Additionally, the industry issuffering from small scale of production, and lack of cash due todifficulties in accessing bank loans,” Giang said.
In the first half of 2014, Vietnam’s exported 130,000 tonnes of cashews valued at 830 million USD.
Vietnamaims to export 2.5 billion USD annually by 2020. To achieve the exporttarget of 2.5 billion USD, it is essential for business in the industryto have ready access to cash provided by bank loans.
Theindustry needs to be revamped and cash is needed to overcome theobstacles and meet the growing demand for cashew production, purchaseand processing, he said.
Currently, the US, China and the Netherlands are the three largest cashew importers of Vietnam.
At present, about 300 Vietnamese firms have exported cashew to 100 countries and territories around the world.-VNA
Radio The Voiceof Vietnam (VOV) on July 1 quoted Vinacas Vice Chairman Dang HoangGiang as saying that since 2006 Vietnam had held the largest globalmarket share of cashews.
At present, however, the industry isoperating at only 50% of capacity, he said, adding that it is alsooverly dependent on imports which increase costs, putting immensepressure on profits and cash flow.
“Additionally, the industry issuffering from small scale of production, and lack of cash due todifficulties in accessing bank loans,” Giang said.
In the first half of 2014, Vietnam’s exported 130,000 tonnes of cashews valued at 830 million USD.
Vietnamaims to export 2.5 billion USD annually by 2020. To achieve the exporttarget of 2.5 billion USD, it is essential for business in the industryto have ready access to cash provided by bank loans.
Theindustry needs to be revamped and cash is needed to overcome theobstacles and meet the growing demand for cashew production, purchaseand processing, he said.
Currently, the US, China and the Netherlands are the three largest cashew importers of Vietnam.
At present, about 300 Vietnamese firms have exported cashew to 100 countries and territories around the world.-VNA
