14 Dec 2020
The Vietnam Coffee - Cocoa Association (VICOFA) held a conference to discuss trade promotion and international investment, in which many hinted that enterprises in the coffee industry should promote the export of coffee with high added value. In addition, domestic consumption would also help firms become some of the leading coffee suppliers in the world.
“If we increase the value of Vietnam's coffee industry, we will have a chance to achieve two important milestones. The first is to help 10% of the coffee bean exports turn into finished coffee export with a higher value. The second is to increase coffee consumption in the domestic market from 1.68 kg per person in 2019 to 3 kg per person in 2023,” said, Vice Chairwoman of VICOFA and General Director of TNI King Coffee Le Hoang Diep Thao.
The coffee industry underwent several changes in the recent years, noting that Vietnam has explored the processing of coffee and the export of roasted and instant coffee as well as the export of its coffee beans.
Over 30% of coffee imports to China, one of the world’s largest markets, are sent by Vietnam.
Thanks to the free trade agreements it had signed, Vietnam has benefitted by getting deals with the EU and the CPTPP, enabling them an interest rate of 0-6% only in big markets.