HANOI, Oct. 23 (Xinhua) — Vietnam is expected to export 1.7 million tons of coffee, worth 4.2 billion U.S. dollars this year, a new high after setting the record at more than 4 billion dollars last year, Vietnam News reported Monday, citing the Ministry of Agriculture and Rural Development.
Vietnamese coffee exports can reach a record level this year thanks to domestic and global prices climbing to their highest levels in the past 15 years due to scarce supply, low coffee reserves, and a strong increase in global demand for Robusta, the newspaper cited Pham Quang Anh, director of the Mercantile Exchange of Vietnam’s Information Centre.
The 4.2 billion dollar target will provide a firm foundation for the export target of 6 billion dollars by 2030.
While Vietnam’s coffee industry is on track for another record export year, driven by rising prices due to supply shortages, Vietnam News cited experts as saying that it’s time for the industry to focus on quality to increase added value and export sustainably.
According to the General Department of Customs, in the first nine months of this year, Vietnam exported 1.266 million tons of coffee, worth 3.16 billion dollars.
