200,000 tonnes of coffee to be kept in reserve

The Prime Minister has allowed businesses to buy and stockpile a maximum of 200,000 tonnes of coffee from the 2009-2010 crop.

Accordingly, businesses will buy coffee for storage from April 15 to July 15, using State-subsidised loans with an interest rate of 6 percent/year for six months.

The PM asked the Ministry of Agriculture and Rural Development (MARD) to work with the Ministry of Industry and Trade (MoIT) and the Vietnam Coffee and Cacao Association to define the volume of coffee in stock. Provincial People’s Committees are responsible for inspecting the use of State-subsidised loans to buy coffee for storage.

The Government leader also urged the MARD, the MoIT and other relevant ministries and agencies to map out a plan for coffee storage in June to control the price of coffee for export when the global price is likely to fall in the next few months.

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