Cashew nuts

In February, through the brokerage company Kim Hanh Viet, Vietnamese enterprises signed contracts with some Italian firms to export 100 containers of cashew nuts to Italy. Detecting a risk of a scam, the enterprises halted their shipments. However, they still lost control of 35 containers worth about $7 million due to a loss of the original documents. After a few months, 30 out of the 35 containers have now been shipped back to Vietnam or were sold to other clients. The Vietnamese side continued to work with regulatory bodies to obtain the remaining five containers that were still stuck at an Italian port. On May 27, the civil court of Larino issued a decision to return the ownership of three out of the five containers to Vietnam. On June 15 and 16, the Napoli Economic-Financial Police and the Genoa Port Military Police made a decision to return the last two containers. Tran Thanh Hai, vice director of the Agency for Foreign Trade under the Ministry of Industry and Trade, … [Read more...] about Vietnamese companies regain control of cashew nut containers in suspected scam in Italy

A cashew processing workshop in Vietnam (Photo: VNA) Hanoi (VNA) – Ministry of Foreign Affairs spokeswoman Le Thi Thu Hang gave more details about how Vietnam reclaimed cashew nut containers that its exporters previously lost control of in Italy. Talking to reporters at the ministry’s regular press meeting on June 23, she said the Ministry of Industry and Trade had provided information about this issue on June 20. For the Foreign Ministry’s part, under the Prime Minister’s directions, it coordinated closely with relevant ministries and sectors to examine, clarify causes, and assist the domestic companies concerned to deal with the case. She noted the Vietnamese Embassy in Italy also worked with the Ministry of Foreign Affairs , Ministry of Economic Development, financial police, and related agencies in Italy to promote the settlement and minimise losses to Vietnamese firms. All the cashew nut containers involved in the suspected scam in Italy have been … [Read more...] about Spokeswoman notes Foreign Ministry’s moves to help recover cashew containers from suspected scam in Italy

At the meeting According to general statistics from the General Department of Vietnam Customs, in the first five months of 2022, approximately 206,110 tons of cashew kernels of all kinds were exported earning over US$1.19 billion in export turnover, down 7.81 percent in volume and 6.81 percent in value. However, the average export price was about $5,792 a ton, up 1.45 percent from the same period last year. Regarding imports in the first five months, enterprises imported about 968,000 tons of raw cashew nuts from abroad with a value of nearly $1.4 billion, down 35.24 percent in volume and down 37.84 percent in value over the same period in 2021. However, prices of imports from Africa increased by 15 percent-20 percent since the beginning of the season. More importantly, importers are tending to be slow to purchase raw materials due to many reasons but the most common is the price difference between imported raw cashew nuts and export kernel prices. The price of raw cashew … [Read more...] about Cashew exports down due to rising oil prices, epidemics, Russia Ukraine conflict

Illustrative image (Photo: VNA) HCM City (VNA) – Vietnam exported over 206,000 tonnes of cashew nuts worth 1.19 billion USD in the first five months of 2022, down 7.81% in volume and 6.81% in value, the Vietnam Cashew Association (VINACAS) reported. cashew nuts with a total value of nearly 1.4 billion USD, down 35.24% in volume and 37.84% in value. raw cashew imported from Africa increased by 15-20 percent this year compared to the same period last year. climate change . There were also signs of pests and diseases in major cashew growing areas. VNA … [Read more...] about Cashew industry faces huge challenges

The US, China, and the EU remain the three largest markets for Vietnamese cashew, accounting for 26.8 percent, 17.7 percent, and 20.5 percent of the total export value of the cashew industry of Vietnam, respectively. Cashew nut exports to the US market declined by 10.1 percent in volume and 30.5 percent in value over the same period last year. Cashew nut exports to the EU market surged by 14 percent in volume but dropped by 21.2 percent in value. Cashew nut exports to China jumped by 136.4 percent in volume and 140.2 percent in value. Meanwhile, Vietnamese cashew processing enterprises imported 480,000 tons of raw cashew in April, spending up to $772 million, a sharp increase of 375 percent in volume and 470.5 percent in value compared to that in April last year. In the first four months of this year, Vietnam imported a total of 1.19 million tons of raw cashew, with a value of up to $1.88 billion, up 300 percent in volume and 323.5 percent in value over the same period last year. … [Read more...] about Vietnamese cashew industry sees trade deficit for the first time

Cashew exports reduced both in volume and value in the first five months of the year. — Photo congthuong.vn Viet Nam’s cashew exports reduced significantly in both volume and value in the first months of the year, exports for the entire year are forecast to be lower than last year, according to the Viet Nam Cashew Association (Vinacas). Speaking at a meeting to review the industry’s performance in the first half of the year and set plans for the latter half, Tran Van Hiep, Vinacas’ deputy chairman, said cashew exports in the first five months fell by 7.81 per cent in volume and 6.81 per cent in value to 206,111 tonnes and US$1.19 billion, respectively. The average export price was about $5,792 per tonne, up 1.45 per cent over the same period in 2021. Enterprises imported about 968,000 tonnes of raw cashew nuts from abroad worth nearly $1.4 billion, down 35.24 per cent in volume and 37.84 per cent in value in the first five months. But the price of raw cashews imported from … [Read more...] about Cashew exports to slow in 2022 amid global inflation, Russia sanctions

Illustrative image (Source: VNA) Da Nang (VNA) – Police in the central city of Da Nang arrested a 33-year old man on June 22 for violating “regulations on the protection of endangered, precious and rare animals”. Nguyen Duc Tai will be detained for four months pending an investigation into his role in a wildlife trafficking ring from Africa to Vietnam. Tien Sa Port , containing a total of 138.78kg of rhino horn, 3,108 kg of lion bones, 456.9 kg of ivory, and 6,232 kg of pangolin scales, valued at around 300 billion VND (12.9 million USD). cashew nuts imported from South Africa and Nigeria, respectively. VNA … [Read more...] about Man arrested in Da Nang for smuggling endangered species

Workers process pineapple for export at the factory of the An Giang Agriculture and Food Import - Export Company. (Photo: VNA) Hanoi (VNA) – Vietnam has recorded impressive growth in exports to Hungary in recent years, statistics showed. Exports from Vietnam to Hungary increased eight-fold to 1 billion USD in 2020 from 124.2 million USD in 2016. The figure stood at 842.7 million USD in the first 10 months of 2021, up 5% year on year, according to data from the European country. Though shipments of agricultural and food products remain modest, the revenue posted a strong increase in the recent past as seen in some key exports. Vietnam exported almost 4.4 million USD worth of processed coffee to Hungary in 2020, surging 38-fold from four years earlier, and 7.13 million USD during January - October of 2021, up 85.6% year on year. Cashew nut exports grew 27.7% to nearly 2.4 million USD in 2020 compared to 2016, and 11.6% year on year to 2.2 million USD in the first 10 … [Read more...] about Vietnam’s exports to Hungary on the rise

Movitel, the telecommunications network of Viettel in Mozambique. There is significant room for Viet Nam and Mozambique to increase trade and investment cooperation. — Photo vneconomy.vn Mozambique could act as a gateway for Vietnamese businesses to penetrate member countries of the Southern African Development Community (SADC), President of the Mozambican Assembly Esperanca Laurinda Francisco Nhiuane Bias said at a meeting with representatives of the Vietnamese business community in Ha Noi on Tuesday. Held by the Viet Nam Chamber of Commerce and Industry (VCCI) and the Mozambique Embassy in Viet Nam, as part of the President of the Assembly's visit to Viet Nam, she called on Vietnamese enterprises to invest in tourism, mining, energy and agriculture, in which Mozambique has potential. She stressed the African nation had established a portal providing information for both private and state-owned firms to support investors. She suggested that Vietnamese and Mozambican … [Read more...] about Mozambique could be gateway for Vietnamese firms to access southern Africa

Nguyen Duc Tai, 33, is under investigation for "violating regulations on management and protection of endangered, precious and rare animals." The Police Division for Corruption, Smuggling and Economics Crimes made the arrest on Wednesday after monitoring his activities for over a year. Nguyen Duc Tai, a native in central Vietnam, is under arrest for allegedly running a wildlife trafficking ring, June 2022. Photo by police Early last year they had placed several suspects under surveillance after discovering they had used fake ID cards to set up companies. The companies are all registered to import and export goods but the police could not identify their headquarters or see them undertake any other activity except importing goods from Africa. In July last year the economic police division checked a consignment declared as containing wooden floors imported from South Africa by one of the companies set up by the group, and found inside 52 rhino horns weighing more … [Read more...] about Man arrested for trading rhino horns, ivory through shell companies