Vietnam exported 600,000 tonnes of coffee in the first half of the 2010-2011 crop, earning US$1.1 billion.
According to the Vietnam Coffee and Cocoa Association (Vicofa), coffee export turnover is likely to exceed US$2 billion thanks to a sharp increase in coffee prices on foreign markets.
Vicofa Chairman Luong Van Tu said that a number of businesses and foreign representative offices had bought a huge volume of coffee, much higher than expected. Since Vietnam’s admission to the World Trade Organisation (WTO), foreign businesses have raised the bulk purchase of coffee by 16-50 percent.
The Ministry of Industry and Trade (MoIT) asked State management agencies to strictly monitor the purchase and the export of farm produce by foreign businesses and representative offices in Vietnam.
(Source: http://english.vovnews.vn/Home/Coffee-exports-likely-to-top-US2-billion/20114/125834.vov)
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