Vietnam’s coffee exports hoped to earn over 4 billion USD this year (Photo: vneconomy.com)In the Central Highlands region, the major coffee productionhub of Vietnam, coffee prices have risen strongly last week and hit a record in three months.
On June 7, domestic coffee prices varied from 61,200-61,800 VND (2.61-2.63 USD)per kilo, up 500 VND over the previous day.
Meanwhile, the average price of exported coffee in the first give months ofthis year was 2,295 USD per tonne, up 2.4% over the same period last year, whichmeans coffee export revenue will be high in the rest of the year.
Vice President of the Vietnam Coffee and Cocoa Association (Vicofa) Do Ha Nam held that the risein coffee prices is due to a shortage in supply as a result of extreme weatherconditions. This year, coffee output is predicted to fall 10-15%, while demandsfor the product is high.
Along with export, many localities have focused on boosting the sustainabledevelopment of the domestic market, with the coming into being of many Vietnamese coffeebrands.
Last year, Dak Lak province in the region saw more than 250 coffee processing facilities established to provide productsfor the domestic and foreign markets.
Le Duc Huy, General Director of Simexco DakLak Ltd, said that last year, thefirm shipped abroad 101,000 tonnes of green coffee, and sold about 25,000tonnes in the domestic market.
Under a project to develop Vietnamese specialty coffee in the 2021-2030 period thatwas approved by the Ministry of Agriculture and Rural Development, in 2025, thearea of specialty coffee is expected to account for 2% of the country’s totalcoffee area, with an output of 5,000 tonnes. The figures are hoped to increase to3% and 11,000 tonnes in 2030.
Huy said that Vietnamese exporters are switching their focusfrom quantity to quality to better meet the demands of importers’ demands./.
VNA
