Golden chance for Vietnam's coffee exporters

Hanoi (VNA) - WTO accession provides Vietnam with a golden change for coffee exports as the country has access to a giant "playground" with more than 5 billion customers and its trade representing 95 percent of the world market, said Luong Van Tu, President of Vietnam Cocoa and Coffee Association (Vicofa).

The world demand for coffee is forecast to increase by 120,000 tonnes a year to 8.4 million tonnes by 2018, Tu said at a seminar on "Assessment of the impact of two-year WTO accession on Vietnam 's coffee, cocoa, pepper and cashew nut sectors" in Hanoi on July 9.

Participants agreed that with favourable conditions in terms of price and market an annual earning of more than 2 billion USD is within the reach of the sector provided that it makes proper capital investment.

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 1 billion USD from coffee exports.

Vicofa Vice President Doan Trieu Nhan said that Vietnamese coffee growers and processors should standardize coffee production to improve the quality of export products to meet the world market's requirements.