Vietnam should fully tap benefits from tariff reduction and exemption brought by the EU – Vietnam Free Trade Agreement (EVFTA) to promote cashew nut export to France, said insiders.
While a probe is still underway on the suspected cashew nut document scam in Italy, the Ministry of Industry and Trade (MoIT) recommended Vietnamese exporters double-check the credibility of foreign buyers through multiple channels.
Foreign Ministry spokesperson Le Thi Thu Hang has spoken about actions taken by the Government to protect the legitimate rights and interests of Vietnamese enterprises in the suspected cashew nut export scam involving 100 containers of Vietnamese cashew nuts exported to Italy.
Vietnam's cashew nut export turnover reaches 3.63 billion USD in 2021, up 13% compared to 2020. Among export markets, the US and China are still the main markets of Vietnam's cashew nut.
The Vietnamese Embassy in Italy is actively seeking ways to support the settlement of a suspected scam related to 100 containers of cashew nuts exported the European country.
Vietnamese exporters are at risk of losing hundreds of millions of USD in a suspected scam in which they have not received any payment as agreed for 100 containers of cashew nuts already dispatched to a buyer in Italy.
The Vietnam Cashew Association (Vinacas) has decided to lower the cashew nut export target to 3.2 billion USD this year, down from the 4 billion USD set in late 2019, given the impact of COVID-19.
Vietnam’s cashew nut producers will have to lower their 2020 export target of 4 billion USD as the impacts of COVID-19 make it extremely difficult to achieve, according to Pham Van Cong, Chairman of the Vietnam Cashew Association (Vinacas).
Vietnam exported 3.52 billion USD worth of cashew nuts in 2018, surpassing India and Brazil to rank first in the world in cashew processing and export.
Although global cashew demand is predicted to continue rising, the Vietnam Cashew Association (Vinacas) and cashew processors and exporters are worrying about a high price trap which may affect their activities in 2018.
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