The ministry also reported that 893,000 tonnes of coffee was exported in the first nine months of the year, worth nearly 1.32 billion USD in turnover.
Compared with the same period last year, export volume in the first nine months increased by 16.8 percent, but export value declined by 18 percent, the ministry said.
The Vietnam Coffee and Cocoa Association predict that the next crop, which starts in November, will harvest between 1-1.2 million tonnes of coffee.
Harvesting has resumed following Storm Ketsana, said the association.
This newly-harvested coffee would boost total coffee export turnover in the whole year to more than 1.6 billion USD, said the association. The target is well within reach, according to the association, as Vietnam currently has excess supplies for export.
The association announced that supplies from major coffee exporters such as Brazil and India are estimated to have dropped by 6 percent due to bad weather. Global demand has also increased because of the world economy’s recovery.
Vietnam is now one of the leading Robusta coffee exporters, but Vietnamese exporters have little control over global prices as they are dominated by international speculators.
The association is now proposing that the Government provide loans to local coffee distributors to buy 200,000 tonnes of coffee from farmers.
On the London market, Robusta coffee price currently stands at 1,437 USD per tonnes, a 1.3 percent increase over the previous months, and the highest level since September 23.
(CPV)
