Cashew nut export revenue reaches US$850 mil.

VGP – Việt Nam pocketed US $857 million in revenue from exporting around 108,000 tons of cashew nuts in the first eight months of 2011, making a year-on-year increase of 25% in terms of value, according to the Việt Nam Cashew Association (VINACAS).

September 04, 2011 9:01 AM GMT+7

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VINACAS reported that in the second half of August, local cashew nut exporters encountered price pressure from importers.

The Association urged local businesses not to buy low-quality products, stressing that they must ensure food hygiene and safety to build a solid trademark for the Vietnamese cashew nut industry.

The local businesses were also urged to stop importing raw materials to respond to pressure on loans and maintain long-term contracts.

Meanwhile, a joint stock corporation on cashew nuts has been established with a chartered capital of approximately VND 100 billion.

The Military Bank (MB) has allocated VND 2,000 billion to help local businesses boost cashew nut export yields and purchase the remaining 30,000 tons of cashew nuts from farmers./.

By Khánh Phương