Vietnam to Fulfill Delayed Cashew Export Contracts
Vietnamese companies will deliver all the 300 delayed containers of cashew nuts in the third quarter of 2008, the Vietnam Cashew Association said in a response to a notice sent by a British law company.
In the early May notice, the British Clyde & Co Law Co, authorized by several importers, complained about 38 Vietnamese cashew exporters which did not deliver 700 containers or 11,000 tons of cashew nuts to them, causing a loss of US$9.7 million.
In the April-May period, Vietnamese firms had already shipped 400 containers, or nearly 6,400 tons of cashew nuts.
Vietnamese cashew exporters signed contracts to export around 6,000 containers of nuts totaling US$495 million in the first four months of 2008, of which 2,700 containers worth US$251 million were already delivered.
Vietnam is now the world biggest cashew nuts exporters, accounting for 40 per cent of global supplies.
The country’s cashew nuts have been exported to 30 countries and territories worldwide.
In the first five months of 2008, Vietnamese companies exported 50,000 tons of cashew nuts, earning US$240 million. The figures are expected to increase to 150,000 tons worth between US$800 and US$850 million by the year’s end, up 45 per cent on year. (Vietnamnet)
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