Vietnam’s first batch of coffee under EVFTA exported

18-Sep-2020 Intellasia | VNS | 6:02 AM Print This Post

Vietnamese businesses on Wednesday announced the first batches of passion fruit and coffee exported to Europe following the Europe-Vietnam Free Trade Agreement (EVFTA).

Under the agreement, the EU has eliminated tariffs on all unroasted or roasted coffee products, down from 7 per cent-11 per cent to zero per cent, while processed coffee products decreased from 9 per cent-12 per cent to zero per cent after the agreement took effect on August 1, 2020.

Coffee has geographical indication of Vietnam with protection committed by the EU when the EVFTA is officially put into effect. This is a huge competitive advantage for Vietnam’s coffee industry with competitors in the EU market.

Deputy minister of Agriculture and Rural Development Le Quoc Doanh has built a project to develop coffee specialties and the coffee processing industry, and national brands for Vietnamese coffee products.

Doanh said Vietnam’s coffee export value to the EU market is estimated at nearly $76 million in August, up 34.7 per cent compared to the previous month. “This is an impressive figure after the EVFTA came into effect on August 1.”

He said Vietnam’s coffee industry will ensure it meets the requirements of the EU market, especially standards for quality and sustainable development, making the country a reference point for global Robusta coffee.

Coffee is one of the 13 main agricultural products of Vietnam. The coffee industry contributes 3 per cent to the country’s GDP, creating jobs and stable incomes for over 600,000 farming households, contributing to socio-economic development and poverty reduction in the Central Highlands, the coffee hub of Vietnam, and other coffee growing regions.

Vietnam has been the second largest coffee exporter in the world and the world leader in Robusta coffee exports for many years, achieving regular export turnover of over $3 billion per year (accounting for 17.4 per cent in volume and 9.5 per cent of world coffee export value).

Vietnamese coffee is present in more than 80 countries and territories. The EU is Vietnam’s largest coffee market, accounting for 40 per cent of the total volume and 38 per cent of total value of the country. In the past five years, the export value to the EU has reached between $1.2 billion $1.4 billion per year.

http://bizhub.vn/news/viet-nams-first-batch-of-coffee-under-evfta-exported_318711.html

 


Category: Economy, Vietnam

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