Soon to reach the export milestone of 5 billion USD, Vietnamese coffee needs to think about the long term

Published 2024년 3월 30일

Tridge summary

Vietnamese coffee has experienced significant growth in the global market, with its export value increasing from 2.7 billion USD in 2020 to an expected 5 billion USD in 2023, despite a high export of raw coffee and low domestic consumption. The industry faces challenges such as the need for quality improvement, organic certification, and brand building to penetrate markets like Germany that prefer high-quality, organic coffee. With around 10,000 coffee enterprises, the competition is stiff, and there's a push towards enhancing coffee quality through seed and production improvements, ensuring traceability, and promoting environmentally friendly cultivation. The article suggests forming cooperatives and establishing a national brand for specialty and organic coffee to improve competitiveness in the international market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Vietnamese coffee is increasingly asserting its position in the world market as export value increases steadily over the years, from 2.7 billion USD in 2020 to 4.2 billion USD in 2023 and promises to reach the milestone of 5 years. billion USD this year. However, the export rate of raw coffee is still high. Although processed products have increased, they only account for nearly 13%. Meanwhile, consumption in the domestic market remains low. Mr. Do Ha Nam, Chairman of the Board of Directors and General Director of Intimex Group Joint Stock Company, Vice Chairman of the Vietnam Coffee and Cocoa Association, said that in the 2022-2023 crop year and early 2024, coffee export turnover Vietnam's coffee grew impressively thanks in part to record high selling prices, reaching 100,000 VND/kg in recent days. With current developments, the coffee export target of 5 billion USD is not difficult. In fact, for a long time, coffee prices did not exceed the threshold of 50,000 VND/kg, so many ...

Source: Baochinhphu