Vietnam made coffee will dominate world market, says ICO head
29-JUL-2008 Intellasia | VNA
Jul 29, 2008 - 7:00:00 AM
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In the context that the world's coffee demand is increasing sharply, Vietnam's coffee processing sector could dominate the world coffee market in next years.
Nesto Osorio, managing director of the International Coffee Organisation, said that though ranking after Brazil in terms of coffee output in general, Vietnam still has advantages of having the highest volume of robusta coffee and the lowest production cost in the world.
According to the chair of Vietnam Cocoa and Coffee Association Luong Van Tu, the global coffee demand in the next time will rise by two million bags a year (60 kilograms a bag) and up to 140 million bags by 2018.
With the WTO entry, Vietnam has opportunity to join a huge play ground with over five billion consumers and export turnover estimated at US$635 billion/year.
Annually, Vietnam exports about 850,000 tonnes of coffee to 70 nations and territories. Especially, in 2007 the coffee export was recorded at more than one million tonnes earning US$1.6 billion.
Just in June 2008, Vietnam's coffee export brought in over US$1 billion, far exceeding the figure of the same period of last year.
Vietnam became the second largest coffee supplier of German—one of the largest coffee consumption markets in Europe.
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