Vietnam shipped a total of 105,000 tonnes of cashew nuts abroad in Q1, earning 630 million USD, down 6.7 percent in volume and 5 percent in value compared to those in the same period of last year, according to the General Department of Vietnam Customs.
As of April 3, Vietnamese companies had recovered 12 out of 35 containers of cashew nuts exported to Italy whose original documents was lost, a positive progress thanks to great efforts and active support of relevant parties.
A new positive development has been seen in the suspected scam involving 100 containers of Vietnamese cashew nuts exported to Italy, with eight containers already re-exported to the Netherlands by March 22, according to the Vietnam Trade Office in Italy.
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.
Prime Minister Pham Minh Chinh has asked relevant ministers and the central bank’s governor to coordinate with the Vietnam Cashew Association (VINACAS) and agencies concerned to verify the information that many cashew nut exporters are facing rist of big losses.
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.
An Italian lawyer has recommended Vietnamese exporters who lost track of 36 sets of original documents in a suspected scam involving 100 cashew nut containers from Vietnam team up with one another and take swift actions to prevent losses.
Italian police have kept four containers of cashew nuts delivered to this country’s Port of Genoa, a stride in the settlement of a suspected scam involving 100 cashew nut containers exported from Vietnam.
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.
That Russia is excluded from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) will pose certain but possibly temporary difficulties for payments of Vietnam’s trade transactions, and agricultural traders will find out new payment methods soon, insiders said.
The target of 3.8 billion USD in export revenue of cashew nuts for this year set by the Ministry of Agriculture and Rural Development (MARD) is quite feasible given the forecast on high demand for the product in the time to come, according to experts.
Vietnam exported 5.3 billion USD worth of goods to Canada in 2021, up 21 percent year-on-year despite facing challenges caused by the prolonged pandemic, according to the Vietnamese Trade Office in Canada.
Vietnam’s cashew nut exports saw encouraging growth this year despite COVID-19-induced restrictions, shipping container shortage and rising logistics costs, statistics of the General Department of Vietnam Customs show.
Vietnam is forecast to see positive prospects for its cashew exports to Germany in 2022 thanks to higher demand in the market and advantages brought about by the EU-Vietnam Free Trade Agreement (EVFTA), the Ministry of Industry and Trade's Export and Import Department has said.
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