World Coffee Prices Soar to 7-year High
Low supply caused last week’s world coffee prices to hit the highest peaks the market has seen since May 1999.
Prices are surging on the back of lower supplies, especially from Viet Nam, the world’s second-largest coffee producer, where heavy rain has disrupted harvests.
The price of Robusta, of which Viet Nam is the world’s largest supplier, is currently US$1,585 per ton, an increase of US$126 per ton compared to that of early last week.
Viet Nam’s two large coffee-producing regions, Dak Lak Province and Lam Dong Province, saw their prices rise to VND20,800 per kilogram (in Buon Me Thuot) and VND20,500 per kilogram (in Di Linh) respectively.
Analysts forecast that coffee prices will remain high until Viet Nam begins the new harvest in November 2006.
Arabica prices from Brazil—the world’s largest coffee producer—are also on the rise.
Swiss Personnel Group Launches in VN
Adecco SA, a Swiss international personnel development leader, will set up a joint venture in Viet Nam with Inter Pacific Ocean Co. in Ho Chi Minh City to provide consulting, educating, training and recruiting services to foreign and local companies in Viet Nam.
Seventy per cent of the US$1.8 million joint-venture Adecco Viet Nam Co., Ltd. is owned by Adecco.
Adecco currently has 6,000 branches in 70 nations and territories. France, the U.S., Japan and Italy are its biggest markets.
India Seeks to Permeate Viet Nam Textile Market
|Indian cloth displayed at the Indian Textile Exhibition in HCMC (Photo: K.K.)|
Twenty one Indian textile enterprises introduced their products to Ho Chi Minh City’s textile and garment business community at the Indian Textile Exhibition in HCMC on Wednesday.
Indian enterprises expect Viet Nam will become one of India’s main export markets in the coming time thanks to man-made-fiber and finished fabrics production strength.
The raw Indian materials displayed at the exhibition are very similar to those Viet Nam already uses to make suits and shirt cloths, and finished textile products.
Indonesia May Need Vietnamese Rice
Amidst self sufficiency problems, the Indonesian Government will make a decision on whether or not to lift its ban on imported rice within the next two weeks, said Indonesian Trade Minister Mari E. Pangestu.
According to the Indonesian State Logistic Agency (Bulog), Bulog’s rice reserves are currently only 532,000 tons, while regulations stipulate that the safe reserve volume has to be over one million tons, which could mean that the country may need Vietnamese rice.
Earlier, the Coordinating Ministry of Economic Affairs of Indonesia said that if it is necessary, Indonesia will import Vietnamese rice to stabilize rice prices in the country.
The Government is waiting for the Central Statistics Agency’s forecast of rice reserves and the Coordinating Ministry for Economic Affairs’ estimation of Indonesia’s provisions situation.
Indonesia has banned rice imports since early 2004 in an effort to establish self sufficiently. But in failing to do so, Indonesia imported 180,000 tons of rice from Viet Nam in November 2005 and early this year.