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Vietnamese Processed Coffee Export Could Reach Us$350 Million

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Vietnamese Processed Coffee Export Could Reach Us$350 Million Weekly news from Hanoi, Vietnam Compiled by DITP in Hanoi. 2nd December, 2559 VIETNAMESE PROCESSED COFFEE EXPORT COULD REACH US$350 MILLION In the following years, Vietnamese processed coffee will sharply increase both in quantity and value. According to General Department of Vietnamese Customs, in the first 10 months of 2016, Vietnam exported 1.52 million tonnes of coffee, brought US$ 2.76 billion. Comparing with the same period last year, both coffee export quantity and value significantly increase, namely up 39.8% in quantity and 25.3% in value. Luong Van Tu- president of Vietnam Coffee and Cocoa Association (VICOFA) identified that Vietnamese coffee export could entirely reach more than 1.7 million tonnes and bring more than US$ 3 billion in 2016. Especially, processed coffee export (roasted and ground coffee, soluble coffee…) is gaining large portion in total Vietnamese coffee export. Mr.Tu said that, Vietnamese processed coffee quantity is still modest at only 4% of total coffee export. However, that type of coffee accounts for more than 10% of total export value. Specifically, Vietnamese processed coffee export could reach US$ 350 million this year. According to some coffee experts, Vietnamese processed coffee export are sharply raising in the following years. Firstly due to many domestic and foreign enterprises are boosting investment in processing coffee. Nestlé invested about US$300 million in this sector. Olam is investing in building processing coffee factories… Many domestic companies such as Trung Nguyen, Me Trang, Vinacafe… are expanding the production scale. Tin Nghia Corporation and other domestic enterprises are implementing processing coffee projects to export. Vietnam signed the free trade Agreements with the EU, Asian-Europe Economic Union, Korea,…and brought many chances to promote Vietnam processed coffee export. In the past, only Vietnamese coffee bean exports to those markets subjected to the tariff at 0%; while processed coffee products subjected to high tariff rates at 15-20% due to protect policies of those markets for their processed coffee sector. Under this tariff rates, it is very difficult for Vietnamese processed coffee to compete with other countries. But under the below Free trade Agreements, Vietnamese process coffee export to EU, Asian-Europe Economic Union, Korea,… only subjected to the tariff rate at 0-5%, making it’s easier to export coffee into those markets. According to Luong Van Tu, China is one of the main processed coffee export market of Vietnam. In the past, Chinese prefer tea than coffee. However, in the recent years, coffee consumption in China speeds up because of young consumers much accessing to Western culture. Chinese prefer processing coffee with sugar and milk. Thus, Vietnamese enterprises such as Trung Nguyen, Vinacafe,… are sharply exporting to China some type of soluble coffee like 2.1 and 3.1 (http://nongnghiep.vn/ -1st December 2559) Disclaimer: The information on this news originates from various sources. The information prepared solely for the purpose of providing information to interested parties. DITP Hanoi does not accept any responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained on this news..
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