Coffee businesses in a fix

Businesses are finding it difficult to buy enough coffee for reserves as all of them have yet to receive capital from the Bank for Agriculture and Rural Development of Vietnam (Agribank).

According the Prime Minister’s recent decision, from April 15 to July 15 this year, 13 designated businesses would access bank loans with a preferential interest rate of 6 percent per year, for a 6-month period so they could buy 200,000 tonnes of coffee to stockpile.

However, up to now, they are still unable to fulfil their target.

By June 2, they had only managed to buy 10,000 tonnes, reaching only 5 percent of their target.

The Vietnam National Coffee Corporation, the biggest coffee enterprise in the country, said it would be unable to keep on schedule, despite having completed all the necessary procedures.

vov

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