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Ministry authorizes $2 bln coffee development plan
Workers select coffee beans at a factory of Trung Nguyen Coffee company. Dry weather and high fertilizer costs have hurt coffee production in Vietnam, businesses say.
The Ministry of Agriculture and Rural Development envisages investing VND33 trillion (US$2 billion) by 2020 to make Vietnamese coffee more competitive in the international market.
Under the plan, by 2015, 50-70 percent of high-quality coffee products will be traded internationally while domestic consumption accounts for 10-15 percent of total output.
By 2020, all Vietnamese coffee products will be of international standards and will be traded both domestically and internationally at selling prices equal or higher than similar products in the world market.
Vietnam, the second largest coffee exporter in the world after Brazil, grows coffee on 450,000-500,000 hectares that yield around one million tons each year.
It has earned more than $1 billion from coffee exports in the first half of this year.
More than 70 countries and territories buy coffee from Vietnam.
With world demand expected to rise by 120,000 tons a year to 8.4 million tons by 2018, the revamp of the domestic coffee industry aims to increase its competitiveness and boost its share of the international market.
Thanhnien
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