Coffee exports may top US$2 billion

The Vietnam Coffee and Cacao Association (VICOFA) believes that the coffee export turnover in Vietnam might exceed US$2 billion this year with the present coffee prices at their highest ever.

Since October 2010, businesses have exported 600,000 tons of coffee, yielding a total turnover of US$1.1 billion.

According to VICOFA Chairman Luong Van Tu, some foreign enterprises and representative offices have promoted the purchase of coffee for export at volumes far exceeding State regulations.

Since 2009, foreign coffee companies have slowly raised the purchase of coffee from 16 percent to 50 percent.

As a result, the Ministry of Industry and Trade has ordered relevant agencies to examine the purchase and export of agricultural produce in this sector by the end of April to find suitable solutions.

Source: SGGP – Translated by Hai Mien

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