Friday 31 March 2023

ICO is more conservative now on estimates, says executive director at Vietnam Coffee Day 2022

Leaders from ministries, sectors, and import-export businesses in Vietnam as well as international organisations like the International Coffee Organisation (ICO), the Colombian Coffee Federation, and the Indonesian Coffee Association (AEKI), and significant coffee import and export corporations and enterprises from around the world, attended the event

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HANOI, Vietnam – The Vietnam Coffee Cocoa Association (VICOFA) on Saturday evening organised Vietnam Coffee Day 2022 in Hanoi to celebrate the industry’s achievements and highlight local and international cooperation for the further development of the global industry in general and Vietnam’s coffee and cocoa sector in particular.

Leaders from ministries, sectors, and import-export businesses in Vietnam as well as international organisations like the International Coffee Organisation (ICO), the Colombian Coffee Federation, and the Indonesian Coffee Association (AEKI), and significant coffee import and export corporations and enterprises from around the world, attended the event.

According to VICOFA, as of the end of 2022, Vietnam exported 1.4 million tonnes of coffee, worth more than US$3.2 billion, contributing to the total export turnover of the country’s agricultural, forestry, and fishery products.

Speaking at the event, Nguyễn Quốc Toản, director of the Department of Agricultural Product Processing and Market Development under the Ministry of Agriculture and Rural Development (MARD), appreciated the successes and contribution of the industry to the country’s economic growth.

However, there are still many obstacles that the industry has to overcome for the better in the future.

“The event is also an opportunity for local cooperatives, manufacturers, and enterprises to learn from other countries to improve coffee’s quality and production while expanding connections and finding new partners,” Toản said.

Similarly, Vanusia Nogueira, executive director of ICO, said that as many representatives from different countries gathered here, it was time for competition, partnership, and collaboration.

“We need to be together. I believe together we can do many things for the development of our chain,” she said, emphasising the need for discussion and proposals to improve the industry and address all of the sustainability issues.

Commenting the current market situation, Vanusia went on saying that global consumption of coffee is likely to climb by 1 per cent to 2 per cent a year until the end of the decade adding that about 25 million more 60kg bags would be needed over the next eight years.

“We are more conservative now for a short-term projection,” said Nogueira referring to all the events the world is facing, including high inflation in Europe, and added that the ICO’s previous forecast that global consumption will rise 3.3 per cent per year on average in the next four to five decades was too “optimistic”.

The global industry will reach a balance in coffee supply and demand in the next two or three years, from the current deficit, Ms Nogueira also said in an interview with Bloomberg.

Local and international investors can find new items from Vietnamese producers at Vietnam Coffee Day 2022.

Dương Thị Mai, a coffee shop owner in Hanoi, said: “I am curious about the Vietnamese coffee industry. I attended many events before, but this is the first time for me to join an event that is only for famous brands.

“I tried and was impressed with Trung Nguyên’s and Minh Tiến’s coffee. Trung Nguyên brand has made changes in its product line, so I wanted a taste, while Minh Tiến has created a tea-coffee product that is very interesting.”

Sacsith Saysanith, vice president of MiracleLao Coffee, added: “It is great to be here. I can expand my network and find new products and manufacturers.”

On Sunday, VICOFA also launched the International Conference Vietnam Coffee Industry.

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