Vietnam Lowers Cashew Import Duties

According to Vietnam's cashew association, the country has decided to lower its duty rate to 3% from 5% for cashew imports from August 25 this year.

Now, Vietnamese enterprises can process 800,000 tons of cashews each year, but the cashew yield is only 350,000 tons a year in the country.

It is estimated that the country needs to import 450,000 tons this year to satisfy domestic processing, so lowering the import duties will help relieve the cost pressure on Vietnamese enterprises.