Updated  
June, 11 2010 10:26:38

US shows interest in VN coffee

Farmers in the Central Highland Province of Dak Lak harvest coffee. US coffee companies display interest in Vietnamese coffee. — VNA/VNS Photo Sy Huynh

Farmers in the Central Highland Province of Dak Lak harvest coffee. US coffee companies display interest in Vietnamese coffee. — VNA/VNS Photo Sy Huynh

HA NOI — US coffee companies displayed interest in Vietnamese coffee during recent meetings in New York between Vietnamese coffee exporters and their US partners, according to the Viet Nam Coffee and Cacao Association (Vicofa).

Vicofa and the Viet Nam Trade Promotion Centre in New York held a trade conference for coffee businesses to boost exports to the US.

The activity was part of a trade promotion programme to highlight Viet Nam's coffee export sector.

Alan Kaiser, director of External Relations and Communications for the US National Coffee Association, said the conference would help acquaint US giant coffee processors such as Starbucks, Dunkin' Donuts and Kraft Foods with Vietnamese coffee.

Vietnamese businesses expressed their hope to promote their coffee brand-names to the US and trade directly with US partners.

The US has become Viet Nam's second biggest coffee importer with a total turnover of US$257 million in 2009, according to Vicofa.

The US Department of Agriculture recently reported that coffee production in Viet Nam was forecast to rise 7 per cent next year because of favourable weather.

Output would increase to 18.7 million 60-kg bags in the 12 months starting October 1 this year from an estimated 17.5 million.

Robusta coffee accounts for 97 per cent of the country's total output. Arabica production is projected to rise because of the expansion of growing areas.

Last year, Viet Nam's export volume of Robusta rose 10 per cent to 1.17 million tonnes, with its value dropping 19 per cent to $1.7 billion.

Coffee exports in May were estimated at 120,000 tonnes and worth $166 million. Exports in the first five months of this year saw a year-on-year decline of 11.4 per cent in volume to 584,000 tonnes and 17.3 per cent in value to $810 million.

According to the Ministry of Agriculture and Rural Development, the export price of coffee has continued to decline. The average export price in the first five months was at $1,386 per tonne, 7.51 per cent lower than that in the same period of last year.

To deal with the decline in price, which has led to losses for farmers, the Government has approved a plan to purchase coffee for stockpiling as part of a strategy to wait for higher world prices.

The Ministry of Finance on Tuesday issued Circular 83/2010/TT-BTC guiding the availability of bank loans with preferential interest rates for purchasing the 2009-10 crop's coffee for stockpiling.

The coffee trading enterprises assigned to temporarily store the 2009-10 crop's coffee would be able to take loans from the Bank for Agriculture and Rural Development in Viet Nam at a preferential interest rate of 6 per cent per year during the coffee purchasing period for stockpiling from April 15 to October 15. — VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

President leads tribute to war hero who stood up to colonialism 1    President leads tribute to war hero who stood up to colonialism

President Truong Tan Sang yesterday attended a ceremony marking the 150th anniversary of the death of Truong Dinh, a national hero in the war against the French, in the Mekong Delta province of Tien Giang.

Viet Nam topple Japan in int'l Robocon finals Viet Nam topple Japan in int'l Robocon finals

The Lac Hong University Robocon team yesterday triumphed over their Japanese rival to take out this year's International Robocon contest in Pune, India.

How to eat to beat the heat: lessons from Asian tradition 2    How to eat to beat the heat: lessons from Asian tradition

At a recent English conversation get-together, I chose the topic - How to beat the heat? I also chose a second topic - Ways to calm down when one gets hot-headed.

Government refuses to give preferential policies to Vinalines in debt restructuring Government refuses to give preferential policies to Vinalines in debt restructuring

The Vietnamese Government will not make any preferential policies to support the Vietnam National Shipping Lines (Vinalines) during its restructuring plan.

Vietnamese lions to roar again Vietnamese lions to roar again

In the near future, foreign-style stone lions with fierce looks, large paws and sharp teeth are expected to be removed from relics, pagodas and temples throughout the country.