An association of 20 leading coffee export firms in Vietnam January 27 held a meeting to discuss measures to prevent foreign import firms from causing losses to local exporters.
The export companies also agreed to make outright sales only, instead of agreeing future sales to avoid risks. In addition, they would only make deliveries after prices were fixed.
The association warned members to be wary of unfaithful importers.
The price of coffee is currently hovering around US$1,345 a ton, 30 percent lower year on year. Domestic prices have fallen to VND24,500 a kilo, with farmers suffering losses.
According to the association, major international traders have speculated on coffee, causing prices to fall.
The export companies also suggested domestic coffee firms limit sales and ask the Government to buy 200,000 tons of coffee for reserve in order to push up prices in the future.