Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade ETHUSD, Bitcoin and Cryptocurrencies

BUY & SELL ETHUSD | View ETHUSD News & Updates


Buy Sell ETHUSD, Bitcoin and Cryptocurrencies

Coffee exports hit record high0   2010-01-09 - Viet Nam News

Coffee ranked as the second agricultural export of Viet Nam in 2009, said the Viet Nam Coffee and Cocoa Association.

 

Workers at the Vinacafe Bien Hoa Joint Stock Company package instant coffee products. Viet Nam exported 1.1 million tonnes of coffee in 2009, an increase of 40,000 tonnes over 2008.
Workers at the Vinacafe Bien Hoa Joint Stock Company package instant coffee products. Viet Nam exported 1.1 million tonnes of coffee in 2009, an increase of 40,000 tonnes over 2008.
Viet Nam exported 1.1 million tonnes of coffee in 2009, an increase of 40,000 tonnes over 2008. Last month alone, the industry exported 130,000 tonnes worth US$182 million, an increase of 200 per cent over the same month of 2008.

Rising exports have not, however, meant increased income to exporters as a glut in supply saw average export prices fall to $1,478 per tonne over the first 10 months of 2009, down by $615 over the same period of 2008. Last year’s turnover also dropped to $1.7 billion from $2.1 billion in 2008.

Exporters have failed to halt falling prices in the world market despite controlling the largest exports of Robusta coffee in the world.

"To solve the problem, the association has proposed the Government to set a fund supporting Vietnamese coffee exporters", said Luong Van Tu, chairman of the association.

"We proposed the Government support exporters so that these companies would be able to buy and store coffee from farmers," Tu explained.

He also affirmed that this was not a stimulus fund but rather a preferential policy for an agricultural product which he discribed as similar to the Government priorities given to rice exports.

Tu said 104 companies were actively trading coffee in Viet Nam although none of the exporters held enough market power to influence export prices.

For a long time, coffee prices in the world market had been dominated by foreign speculators, he added.

"If the fund is established, Vietnamese coffee trading companies could control prices in the world market. With the help from the fund, exporters can buy and store coffee, allowing them to exercise control over supply and prices".

Viet Nam has over 460,000ha of coffee under cultivation in 2010, according to the Ministry of Agriculture and Rural Development.

The industry as a whole provides an income to more than 1 million farmers in Viet Nam and coffee exports account for 80 per cent of the country’s total agricultural export value.



Other news

Thai investors seek opportunities in Vietnam stock market   2010-01-09

Special oil forces up glass, steel prices   2010-01-09

Trade to receive more promotion   2010-01-09

Vietnam’s stocks may rise 30 pct on earnings, fund says   2010-01-08

Experts see real estate recovery on horizon   2010-01-08

Sapporo shuns China for North America, Vietnam   2010-01-07

Vietnam '09 overseas remittances fall 13 pct: report   2010-01-07

Vietnam seafood stocks gain on world economic recovery outlook   2010-01-07

Vietnam inflation rate may reach 11 pct this year, Sacombank says   2010-01-07

Gold shops bustle while gold trading floors remain quiet   2010-01-07

Capital Land Prices Increase Up To 40%   2010-01-07

BUSINESS IN BRIEF 7/1   2010-01-07

VN looks to invest more abroad   2010-01-07

Gold shops bustle while gold trading floors remain quiet   2010-01-07