Coffee sector targets US$6 billion in export turnover during 2020
Recent years has seen the global economy stagnate amid challenging conditions which, in turn, has led to a reduction in purchasing power.
Despite this, coffee exports have enjoyed robust growth of 8.2 per cent each year with an average turnover of US$3.13 billion between the 2011- 2018 period, accounting for 15 per cent of the country's total agricultural exports.
According to the Import and Export Department under the Ministry of Industry and Trade, domestic coffee products are exported to over 80 countries and territories worldwide, accounting for 14.2 per cent of the global coffee export market share, second only to industry powerhouse Brazil.
Most notably, roasted and instant coffee has gained a 9.1 per cent market share, ranking in fifth position after Brazil, Indonesia, Malaysia, and India.
This serves to present bright prospects for Vietnamese coffee products to penetrate deeper into the international market through the signing of free trade agreements (FTAs).
The EU is currently the largest consumer of Vietnamese coffee, making up 40 per cent of the total volume and 38 per cent of total export turnover, followed by the Southeast Asian region.
As a result of preferential tariffs from FTAs that Vietnam has signed in recent years, several businesses have chosen to invest in processing activities as a means of raising the added value of coffee products and the export turnover of the entire industry.
With the great support of relevant ministries and agencies in improving processing capacity and accelerating market expansion, local enterprises have also redouble efforts in marketing activities and brand building in order to affirm the stronger position of their coffee products in the international market.
Related News
Regulating goods across Huu Nghi International Border Gate during peak times
19:37 | 02/11/2024 Customs
Khanh Hoa Customs reaches revenue target 1 quarter early
09:29 | 31/10/2024 Customs
3 items have a big impact on the budget revenue of Ho Chi Minh City Customs
19:38 | 02/11/2024 Customs
Latest News
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
More News
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export
Lao Cai Customs sees a triple-digit surge in export-import turnover
10:37 | 02/11/2024 Import-Export
Coconut is expected to become a billion-dollar export item
16:40 | 01/11/2024 Import-Export
Plastic exporters interested in converting to recycling technology
16:36 | 01/11/2024 Import-Export
Logistics sector must embrace innovative trends to stay competitive
16:34 | 01/11/2024 Import-Export
Vietnam’s agro-forestry-aquatic product exports likely to set new record
16:32 | 01/11/2024 Import-Export
UKVFTA greatly benefits Vietnam-UK trade: Experts
14:19 | 31/10/2024 Import-Export
Agricultural exports likely to exceed 60 billion USD amid challenges
14:18 | 31/10/2024 Import-Export
Vietnam-Philippines trade likely to exceed 8 billion USD for first time
14:17 | 31/10/2024 Import-Export
Your care
Many factors affecting tuna exports in the last months of the year
19:38 | 02/11/2024 Import-Export
Vietnam still dominates Philippine rice import
19:36 | 02/11/2024 Import-Export
Vietnam cements ties with partners to engage in global semiconductor, AI industries
19:35 | 02/11/2024 Import-Export
Aquatic exports expected to rise in year-end despite challenges
19:33 | 02/11/2024 Import-Export
Trade Defense: The Key to Success for Vietnamese Businesses
10:39 | 02/11/2024 Import-Export