Vietnam to Set Up Tea Trading Floor in 2010
Vietnam, the fifth largest producer and exporter of tea in the world, will open a tea trading floor by late 2010, said Tran Van Gia vice chairman of Vietnam Tea Association (Vinatas) at a recent conference in Hanoi.
Once operational, the tea trading floor will standardize tea transactions, which means that every tea product when being put into the trading floor must ensure the international standards.
Establishment of tea trading floor will help increase the quality of Vietnamese tea and bring high profit for tea producers, Gia highlighted.
Gia said that Vietnamese tea price is equal to 60% of the international level, blaming absence of a tea auction floor for the situation.
Without such a floor domestic tea producers find hard in valuating their products and raising unhealthy competitions when selling tea products to the domestic market, Gia explained.
The government’s General Statistics Office estimated that Vietnam earned US$83 million from exporting 67,000 tons of tea products in the first seven months this year, up 4.8% in value and 15.1% in volume against the same period last year.
In the period, the average export price of Vietnamese tea was US$1,248 per ton, down 3.94% on-year. (VNA)
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