With the Vietnamese coffee industry currently exporting to 80 countries and territories globally, the sector has already stated its ambitions to reach an export turnover of 6 billion USD in 2020.
With the Vietnamese coffee industry currently exporting to 80 countries and territories globally, the sector has already stated its ambitions to reach an export turnover of 6 billion USD in 2020.
Recent years has seen the global economy stagnate amid challenging conditionswhich, in turn, has led to a reduction in purchasing power.
Despite this, coffee exports have enjoyed robust growth of 8.2 percent eachyear with an average turnover of 3.13 billion USD between the 2011- 2018period, accounting for 15 percent of the country's total agricultural exports.
According to the Import and Export Department under the Ministry of Industryand Trade, domestic coffee products are exported to over 80 countries andterritories worldwide, accounting for 14.2 percent of the global coffee exportmarket share, second only to Brazil.
Most notably, roasted and instant coffee has gained a 9.1 percent market share,ranking in fifth position after Brazil, Indonesia, Malaysia, and India.
This serves to present bright prospects for Vietnamese coffee products topenetrate deeper into the international market through the signing of freetrade agreements (FTAs).
The EU is currently the largest consumer of Vietnamese coffee, making up 40 percentof the total volume and 38 percent of total export turnover , followed by theSoutheast Asian region.
As a result of preferential tariffs from FTAs that Vietnam has signed in recentyears, several businesses have chosen to invest in processing activities as ameans of raising the added value of coffee products and the export turnover ofthe entire industry.
With the great support of relevant ministries and agencies in improving processingcapacity and accelerating market expansion, local enterprises have alsoredouble efforts in marketing activities and brand building in order to affirmthe stronger position of their coffee products in the international market./
(Source:VNA)
