The opinions were shared at a recent conference on boosting trade promotion and international investmentheld by the Vietnam Coffee - Cocoa Association(VICOFA).

Illustrative image.

According to VICOFA Chairman Luong Van Tu, Vietnam’s coffee industry has seen changes in recent years. Besides the export of coffee beans, Vietnam has promoted the processing of coffee and the export of roasted and instant coffee (accounting for about 12%).

Vietnam also accounts for over 30% of coffee imports to China, one of the world’s largest markets.

Vietnam also faces great opportunities from the more than 14 free trade agreements it has signed, including the dealswith the EU and the CPTPP, which will help Vietnam enjoy interest rates of only 0-6% when entering big markets as well as benefiting investors in Vietnam.

Vice Chairwoman of VICOFA and General Director of TNI King Coffee Le Hoang Diep Thao said that Vietnam has a rare opportunity to break through and rise up to become the number one global power in coffee.

"If we increase the value of Vietnam's coffee industry, we will have a chance to achieve two important milestones. The first is to help 10% of the coffee bean exports turn into finished coffee export with a higher value. The second is to increase coffee consumption in the domestic market from 1.68 kg per person in 2019 to 3 kg per person in 2023,” Thao said

And only when Vietnam has strong internal strength in itsdomestic market, Vietnamese coffee will have the opportunity to be treated equally, respected and priced at its appropriate value, contributing to creating a common brand for Vietnamese coffee, she added.

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Source: NDO