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Coffee sector targets US$6 billion in export turnover during 2020

19:35 | 20/12/2019

With the Vietnamese coffee industry currently exporting to 80 countries globally, the sector has already stated its ambitions to reach an export turnover of US$6 billion during 2020.

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.

Source: VNA