Tariff on Crude Cashew Imports To Likely Decrease

Tariff on Crude Cashew Imports To Likely Decrease

(VEN) - The Ministry of Finance is drafting a circular according to which the preferential import tax subject to crude cashews coded 0801.31.00.00 in the preferential import tariff is reduced from five to zero percent.

The Vietnam Cashew Association (Vinacas) said that domestic cashew processors need 600,000-700,000 tonnes of crude cashews for export production each year and that they have to import half of this amount.

Vinacas noted that cashew cultivation areas and production in Vietnam didn't increase over the past five years and even tend to decrease. Meanwhile, the domestic cashew processing capacity keeps increasing. If export cashew processors do not import crude cashews they will not have enough raw materials for export production.

Vinacas has proposed that the Ministry of Finance reduce the tax imposed on crude cashews from five to zero percent to make it easier for export cashew processors to import raw materials for export production and provide more jobs for cashew workers./.

Nguyen Trung Kien

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