Yangming

Cashew nut processing for export - Illustrative image (Photo: VNA) Rome (VNA) – 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 . Those eight are among the containers whose original documents are still kept by the exporters. To continue supporting Vietnamese exporters who lost original documents of their goods in the case, representatives of the trade office made a business trip to the port northern Italian city of La Spezia on March 22, to ask the port authorities, financial police and shipping lines to help reduce the loss of the Vietnamese exporters to the lowest. Vietnamese Trade Counselor in Italy Nguyen Duc Thanh said that La Spezia port authorities and Italian police had promised to detain 14-16 containers without original documents at the port. Twenty-one … [Read more...] about More progress seen in handling suspected cashew nut scam in Italy

Cashew container confusion points to payment issues, photo VNA Bach Khanh Nhut, vice chairman of the Vietnam Cashew Association (Vinacas), said that businesses have lost control of 36 containers worth about $7 million due to a loss of original documents. Up to now, the investigation into the suspected cashew nut export scam has not been concluded. Several Vietnamese cashew processing and exporting enterprises have signed contracts with some customers to import Italian cashews through the brokerage company Kim Hanh Viet. The consignments had been packed into 100 containers which were being shipped to the ports of Genoa and La Spezia by international shipping lines Cosco, Yangming, Hmm, and One. Vietnamese banks said they had shipped all original documents of the shipment of 36 containers via international courier services. However, banks in Italy responded that they only received copies of the documents. Vinacas has sent an express document to the Vietnamese Embassy and the … [Read more...] about Cashew container confusion points to payment issues

Vietnam aims to rank among world’s top 15 exporters by 2030 Vietnam has set a target of becoming an industrialised country with highly competitive industries, and among the world's top 15 exporters by the end of 2030. According to a report by the Ministry of Industry and Trade (MoIT), the country's immediate target is to develop 20 products with strong international brands, to strengthen its position in the global supply chain, to bring its supporting industry's capacity to meet 70 percent of domestic demand and localisation of production to 45 percent. The country's supporting industry, which remained underdeveloped and overly reliant on imports, has been identified as a major weakness for Vietnam, especially in key industries such as electronics, textile, leather and footwear, manufacturing and automobile. The effect has been made painfully clear since the pandemic as Vietnam's top suppliers of parts, including Chia, the Republic of Korea and Japan, were hit … [Read more...] about VIETNAM BUSINESS NEWS MARCH 24

The Vietnam Cashew Association (Vinacas) has asked Interpol Vietnam to make an intervention to prevent VND162 billion cashew shipments from being handed over to strangers even though they show original documents. The association expects that through specific measures, agencies can help keep the cashew shipments at the port and prevent handover of the goods to anyone even if they present the original bill of lading. They want Vietnamese enterprises to receive the shipments back. The association has also asked four shipping lines involved in the case, Cosco, Yangming, HMM, and One, to apply "urgent" measures to hold cashew containers that have been and are on their way to ports in Italy, and to give specific instructions for the goods owners to get their goods back if the seller does not receive payment from the buyer's bank. It has been reported that five Vietnamese cashew nut exporters lost control of 36 containers shipped to Italy after original documents related … [Read more...] about Cashew scam: victims call for help from the PM and Interpol