Intellasia News Services -- Vinacas plans to borrow 4.6tr dong to support Vietnam’s cashew export

Vinacas plans to borrow 4.6tr dong to support Vietnam’s cashew export
Source: 10/Mar/2010 Intellasia | 09/Mar/2010 Lao Dong
10 Mar, 2010 - 11:19:35 AM
Vietnam Cashew Association (Vinacas) on March 8 sent documents to banks petitioning to borrow capital to support Vietnam’s cashew export in 2010.

Accordingly, Vinacas proposed to borrow 4.6 trillion dong including two trillion dong of short-term loan from Vietnam Development Bank for enterprises to purchase materials and 1.5 trillion dong of preferential medium term loan to help enterprise improve facilities and buy equipments and machines.

In 2010, Vietnam’s cashew sector would buy about 400,000 tonnes of raw cashew and import 250,000 tonnes for processing 180,000 tonnes of cashew nut with total value of about 14.82 trillion dong.
This year’s cashew export turnover is expected at US$1 billion, up 14% in value against last year’s figure.

In 2009, Vietnam exported 177,000 tonnes of cashew nut worth US$850 million, marking the world’s leading cashew exporter.