Coffee export earnings to hit US$3 billion
(VOV) - The Vietnam Coffee and Cocoa Association (Vicofa) expects to export more than 1.5 million tonnes of coffee in the 2013-2014 crop, and earn US$3 billion, up 20% in value from the previous crop.
Vicofa Vice President Do Ha Nam made the forecast at a Vicofa congress in Ho Chi Minh City on April 11.
Nam revealed Vietnam raked in US$1 billion from shipping abroad approximately 700,000 tonnes since the start of the crop (October 2013), making up 40% of the projected volume.
He said Vietnam will continue to cash in on new orders as coffee prices keep rising due to prolonged drought in a number of coffee growing countries in the world in the coming months.
Vietnam is expanding coffee growing areas to increase the volume, meeting foreign consumer demands.
“Vietnamese coffee is very popular with global consumers for its premium quality. Therefore, coffee must be considered a strategic commodity,” Nam said.
“The crux of the matter is that when coffee output increases, growers will no longer worry about low prices,” he concluded.