Vietnam to Lower Import Tariff on Cashew Raw Materials

According to Vietnam Economy on July 19, 2011, several days ago Vietnam Ministry of Finance released a notice, deciding to lower import tariff from 5% to 3% on unpeeled cashew raw materials from August 25, 2011.

Currently, Vietnam's cashew processing capability is 800,000 tons per year, but Vietnam itself can only supply 300,000 tons, the rest rely on imports.

It is reported that in the first half year Vietnam exported around 67,000 tons of cashews with a value of USD 499 million, respectively down 16.4% and up 17.3% year-on-year; the average export price was USD 7,445 per ton, up 41% year-on-year.