Vietnam to Invest US$1.5 Bln to Improve Coffee Competitiveness
Vietnam will spend more than VND23.9 trillion (nearly US$1.5 billion) to sharpen competitive edge of Vietnamese coffee on the world market from now to 2020, the Dau Tu reported on December 11.
Nearly VND18 trillion or US$1.125 billion will be attributed by local farmers and companies and the balance of VND5.955 trillion will be added by the state budget.
According to the national coffee competitiveness improvement program for 2020, Vietnamese coffee sector will set up technical standards for its products, coffee cultivation areas and processing plants, and Vietnam coffee trading center in line with international ones.
Vietnam, the world’s second biggest coffee producer, now has around 489,000 hectares under coffee plantation. It plans to decrease the area to 390,000 hectares in 2010 and focus on developing coffee quality.
In the first eleven months of 2007, Vietnam exported 1.094 million tons of coffee worth US$1.681 billion, up 35.5 per cent on year in volume and 72.7 per cent in value. The revenue is expected to hit US$1.7 billion by the year’s end.
Biggest importers included Germany, the U.S., Spain, Italy, Belgium, Poland, South Korea, Britain and Japan who bought around three fourths of Vietnam’s total shipment volume. (Investment)
Vietnamese
