Vietnamese exporters are at risk of losing hundreds of millions of US dollars in a suspected scam in which they have not received any payment as agreed for 100 containers of cashew nuts already dispatched to a buyer in Italy.

VOV.VN - The cashew nut export target of US$3.8 billion for this year set by the Ministry of Agriculture and Rural Development (MARD) may be achievable given the forecast of high demand for the product in the near future, according to industry experts.

Vietnam’s cashew nut exports saw encouraging growth this year despite COVID-19-induced restrictions, shipping container shortage and rising logistics costs, statistics of the General Department of Vietnam Customs show.

VOV.VN - Vietnam’s export industries posting a trade deficit over the opening five months of the year is not a worrying sign as most imported items are raw materials necessary for production, especially for the group of export goods, according to industry insiders.

Vietnam imported nearly 1.2 million tonnes of raw cashew nuts worth US$1.9 billion in the first four months of this year, increases of 300% and 323.5% year-on-year, according to the General Statistics Office.

Vietnam has maintained its position as the world’s largest producer and exporter of cashew nuts in 2020, exporting an estimated 450,000 tonnes of cashew kernels worth US$3.2 billion, according to the Vietnam Cashew Association (Vinacas).