Vietnam Coffee Exporters Told To Stop Underselling
The Vietnam Coffee and Cocoa Association has urged local exporters to stop undercutting each other by offering very low prices.
Luong Van Tu, chairman of the association, said many local companies have been offering very low prices, hurting not only themselves but farmers and the whole coffee industry.
He said Vietnam now holds a 15% share of the global coffee output and it can affect prices on the market. However, many exporters are still trying to compete against each other, giving the advantage to buyers.
Coffee prices have increased by nearly 80% over the past year. Analysts said supply of Robusta beans has declined in the world, driving prices up.
Vietnam, the country’s second largest coffee exporter, earned $1.763 billion from exporting 1.173 million tons of coffee last year. The country’s coffee output is predicted to fall 10% this year to nearly 1 million tons. (Young People)
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