Coffee prices have continuously inched up recently, especially the price of Robusta coffee, which accounts for a high percentage from Vietnam.
From August 21 to August 27, the prices of Arabica and Robusta coffee recorded increases of 2.10% and 3.13%, respectively. Despite the availability of coffee supplies in Brazil, low coffee inventories for these products have fueled the prices.
Indeed, the average export price of Vietnamese coffee in the opening seven months of this year reached US$2,828 per tonne, representing an increase of more than US$500 per tonne compared to the same period last year.
With the price hike, experts anticipated that Vietnam will probably export about 1.718 million tonnes worth US$4.2 billion this year, a record high level so far.
At present, Vietnamese coffee products have made a presence in 37 major foreign markets, including 27 markets with turnover reaching over US$10 million each and eight markets with revenue hitting more than US$100 million each.
To meet the export turnover target of US$6 billion by 2030, insiders emphasised the need to restructure the coffee industry effectively, build specialised growing areas, apply advanced technologies, and accelerate linkages between raw material areas and processing facilities in a bid to create a stable source of supply.
In addition, local firms are advised to focus on developing their own coffee brands by surveying the market’s demand and devising proper marketing strategies along with improving product quality.
