23-10-2023 (HANOI) Vietnam is projected to achieve a record-breaking coffee export volume of 1.7 million tons, valued at $4.2 billion this year, surpassing last year’s record of over $4 billion, as reported by Vietnam News on Monday, citing the Ministry of Agriculture and Rural Development.
The surge in Vietnamese coffee exports can be attributed to both domestic and global prices reaching their highest levels in the past 15 years. This price hike is a result of limited supply, low coffee reserves, and a significant increase in global demand for Robusta coffee, as stated by Pham Quang Anh, the director of the Mercantile Exchange of Vietnam’s Information Centre.
The target of $4.2 billion will serve as a solid foundation towards the country’s ambitious export goal of $6 billion by 2030.
While Vietnam’s coffee industry is set to achieve another remarkable year in exports, driven by soaring prices brought on by supply shortages, experts cited by Vietnam News emphasize the need for the industry to prioritize quality in order to enhance added value and ensure sustainable export growth.
According to the General Department of Customs, Vietnam exported 1.266 million tons of coffee, valued at $3.16 billion, in the first nine months of this year.
