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EXPORT ORDERS ARE FULL FOR THE WHOLE QUARTER OF 2024, CAN COFFEE EASILY REACH THE TARGET?

|Feb 2nd, 2024

World coffee demand is increasing while coffee production in many countries is falling sharply, pushing up export coffee prices. This is an opportunity but also a challenge for Vietnamese coffee...

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Bustling right from the start of the year

Right from the first month of 2024, coffee has received many export orders. According to the Vietnam Coffee Cocoa Association, Vietnam's export coffee prices in the past few weeks have recorded price increases. Specifically, on January 22, Arabica coffee prices increased by 3.83% - the highest level in 3 weeks; Robusta coffee price is highest in 16 years after increasing 2.94% compared to reference.

In the domestic market, on the morning of January 23, the price of green coffee beans in the Central Highlands and Southern provinces simultaneously increased by 400 VND/kg. Accordingly, domestic coffee is currently purchased around 72,200 - 72,900 VND/kg.

Mr. Thai Nhu Hiep, Vice President of the Vietnam Coffee Cocoa Association, said that importers around the world are looking to Vietnam to buy coffee. In the past year, businesses in Vietnam exported almost all of their inventory. Domestic businesses continuously receive delegations from many parts of the world to learn about and buy Vietnamese coffee because Vietnamese coffee is becoming the top choice in the Robusta segment.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that Vietnamese coffee exporters are currently full of orders in the first quarter of 2024. According to world coffee market analysis, Vietnam's coffee exports are forecast to continue to set new records in 2024 when there is still plenty of room to maintain high prices.

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Quality and supply issues

Mr. Phung Duc Tien – Deputy Minister of Agriculture and Rural Development said that to achieve the export target of 6 billion USD by 2030, at the same time, increase the added value of Vietnamese coffee products, the coffee industry needs to be given synchronous attention with a comprehensive solution, including boosting the output and quality of raw coffee areas, and at the same time, increasing the rate of deep processing.

In addition, businesses need to be proactive, flexible and carefully analyze each market to have direction in production. Along with improving product quality, the brand must be focused and cared for. Businesses need to survey market demand in areas including market share - tastes - quality - price, from there, determine the processing density of appropriate products (pre-processed, refined) to orient product development, build promotion, marketing and brand positioning strategies...

As for the Ministry of Agriculture and Rural Development, the Ministry continues to work with localities to review, issue codes, and manage, thereby expanding standard coffee growing areas. The Ministry will also strengthen coordination with ministries, branches and associations to establish sustainable export markets.

According to https://hanoimoi.vn/

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