Recent years has seen the global economy stagnate amid challenging conditions which, in turn, has led to a reduction in purchasing power.
Despite this, coffee exports have enjoyed robust growth of 8.2 percent each year with an average turnover of 3.13 billion USD between the 2011- 2018 period, accounting for 15 percent of the country's total agricultural exports.
According to the Import and Export Department under the Ministry of Industry and Trade, domestic coffee products are exported to over 80 countries and territories worldwide, accounting for 14.2 percent of the global coffee export market share, second only to Brazil.
Most notably, roasted and instant coffee has gained a 9.1 percent market share, ranking in fifth position after Brazil, Indonesia, Malaysia, and India.
This serves to present bright prospects for Vietnamese coffee products to penetrate deeper into the international market through the signing of free trade agreements (FTAs).
The EU is currently the largest consumer of Vietnamese coffee, making up 40 percent of the total volume and 38 percent of total export turnover, followed by the Southeast Asian region.
As a result of preferential tariffs from FTAs that Vietnam has signed in recent years, several businesses have chosen to invest in processing activities as a means of raising the added value of coffee products and the export turnover of the entire industry.
With the great support of relevant ministries and agencies in improving processing capacity and accelerating market expansion, local enterprises have also redouble efforts in marketing activities and brand building in order to affirm the stronger position of their coffee products in the international market.
Source: VNA