Vinacas also asked the State Bank Governor to provide them VND12 trillion in loan with preferential interest rates to buy a total amount of 360,000 tonnes of cashew nuts for exports.
Vinacas Vice Chairman Nguyen Duc Thanh said that the high interest rates of VND has pushed up the input costs for cashew nuts processing and caused great trouble for domestic companies when competing with foreigner businesses,
The Ministry of Finance also issued the circular No.102 to reduce the import tax of cashew nuts from 5 percent to 3 percent starting from August 25.
The new circular will help cashew nuts processing companies raise their processing capacity as they will have adequate material for production. – VOV