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September 8, 2008

Vietnam: Coffee industry needs to invest $1.9bn

Vietnam’s Ministry of Agriculture and Rural Development estimated that around 32.8 trillion dong ($1.968 billion) will be needed to the enhance competitiveness of Vietnamese coffee on local and global markets to 2015, reported state news agency VNA.

According to Deputy Minister of Agriculture and Rural Development Diep Kinh Tan, the sum will be invested mainly in infrastructure, trade promotion, new farming techniques, and international standard production lines.

The goal is to have 50-70 percent of Vietnamese coffee beans traded on international transaction floors and 10-15 percent to be consumed locally by the set year, said Tan.

With a coffee-growing acreage of 450,000-500,000 ha giving a total yield of around 1 million tonnes, Vietnam has been exporting 850,000 tonnes of coffee beans to more than 70 countries and territories every year.

The figure reached more than 1 million tonnes in 2007. In the first half of this year, the country earned more than US$1 billion from coffee exports.

It is forecasted that the world demand for coffee will increase by 120,000 tonnes a year to 8.4 million tonnes by 2018.

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