Thanh Nien News Business Vietnam bank backs cashew businesses
Vietnam bank backs cashew businesses
The Vietnam Technological and Commercial Joint-Stock Bank (Techcombank) will support cashew enterprises with over US$37.5 million this year.
Nguyen Duc Vinh, the bank’s general director said the financial support would be allocated to businesses to modernize facilities and purchase raw cashews.
Techcombank will cooperate with logistic companies like Gemadept and Vinalink to facilitate and lessen the cost of raw-material storage.
Currently the bank is supporting 154 cashew enterprises with $21.8 million in loans and financial assistance.
Last year Vietnam’s cashew exports reached $520 million. The number is expected to climb to $700 million this year.
Cashews are one of the country’s 10 largest farm exports. Major markets include the US, China and Europe.
Cashew cultivation area is expected to expand from 350,000 ha to 450,000 ha by 2010.
Source: TTXVN – Translated by Tuong Nhi
Story from Thanh Nien NewsPublished: 24 February, 2007, 13:36:58 (GMT+7)Copyright Thanh Nien News