Coffee sector aims to promote domestic consumption

Local businesses have been advised to enhance intensive processing whilst investing in high-quality products in an effort to develop prestigious brands for the purpose of boosting the domestic coffee sector’s consumption rate from 13% to approximately 30% in the near future, according to insiders.

Nguyen Nam Hai, vice chairman of the Vietnam Cocoa and Coffee Association (Vicofa), pointed out that the nation’s average coffee consumption has increased from 0.5 kilos to 2 kilos per person annually over the past 10 years.

Despite this growth, the domestic consumption rate locally remains low in comparison with other countries such as the United States, Brazil, and Finland, said Hai. Indeed, due to this the local coffee sector is aiming to boost coffee consumption ratio to between 25% and 30%, equivalent to that of the world’s major coffee producers such as Brazil and Indonesia.

Luong Van Tu, chairman of Vicofa, said the domestic coffee industry is aiming to raise productivity whilst improving product quality, therefore adding value moving forward, as opposed to expanding cultivation areas to meet the tastes of domestic consumers.

At present, several Vietnamese coffee businesses such as Intimex Group Joint Stock Company, Tin Nghia Corporation, Phuc Sinh Group, and Trung Nguyen Group have invested in the building of modern coffee processing factories whilst striving to develop their own brands at supermarkets and through agents.

Phan Minh Thong, chairman of the Board of Directors of Phuc Sinh Group, said with a coherent plan, the local firm’s domestic revenue in recent months has witnessed an increase of 200% compared to the period before the outbreak of the novel coronavirus (COVID-19) pandemic.

Currently, the enterprise is striving to continue increasing the domestic consumption rate through launching new products that are suitable for the tastes of Vietnamese people whilst looking to develop online sales channels.

Source: VOV
vov.vn

Related News

Exporting coffee starts the new crop season with many concerns

Exporting coffee starts the new crop season with many concerns

VCN- With no remaining inventory from the previous crop season, many signed contracts are awaiting the new season for delivery, and the predicted harvest volume is declining. These signals indicate that the supply of Vietnamese coffee is likely to be in a tense state in the near future. This not only poses challenges for Vietnamese coffee export businesses but also raises concerns for foreign buyers.
Development of a strategy for Vietnamese coffee to reach the market of billions of people

Development of a strategy for Vietnamese coffee to reach the market of billions of people

VCN - China is a potential market for Vietnamese coffee because of high demand and stable growth with an average coffee import increase of more than 25%/year. However, this is no longer an easy-going market. Consumers in this country are quite demanding when it comes to experiencing new high-quality coffee products.
With the area narrowing, Vietnam

With the area narrowing, Vietnam's coffee output is expected to continue to decrease

VCN - Coffee prices being low for a long time caused many farmers to switch to other more profitable crops. Along with the impact of climate change, it is expected to reduce coffee production in the coming crop year.
Coffee export is forecast to continue to win big

Coffee export is forecast to continue to win big

VCN - After reaching a record in price and export turnover, the coffee industry continues to have high expectations for the coming crop year thanks to favourable factors from the market as well as the industry's efforts in promoting processing and meeting new EU regulations.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version