Vietnam coffee exports reach $4.2 bln in 2023 thanks to 28-year price high
Global Robusta coffee prices hit a 28-year peak due to concerns about low inventories and sales restrictions in 2023, helping Vietnam’s coffee exports reach nearly $4.2 billion, according to the Ministry of Industry and Trade.
Vietnam's coffee exports in 2023 totaled roughly 1.61 million tons, valued at $4.18 billion, a 9.6% decrease in volume but a 3.1% increase in value year-on-year. The average coffee export price in 2023 was $2,834 per ton, a 14.1% year-on-year increase.
According to the trade ministry, Vietnam's coffee industry in 2024 will continue to benefit from high Robusta prices, possibly even peaking due to concerns about supply shortages.
In 2024, Vietnam's coffee industry will focus on solutions for sustainable development and traceability, especially meeting the EU's EUDR anti-deforestation regulations. This will be one of the factors that help Vietnam's coffee industry boost exports to the EU market, the ministry added in a report.
In 2023, domestic Robusta coffee prices fluctuated strongly. For nearly the first five months of the year, the price remained below VND60,000 ($2.47) per kilogram, but rose to a record high at the end of 2023. On December 27, 2023, the price of Robusta in the domestic market increased to nearly VND70,000 per kilogram, nearly double compared to the beginning of the year.
In a report on the coffee market released on December 21, the U.S. Department of Agriculture (USDA) estimated world coffee inventories in the current crop at just 26.5 million 60kg bags, down 16.7% from the previous report and 4% from the 2022/2023 estimate. This is the lowest inventory level recorded in the past 12 years.
- Read More
Thailand forms AI committee to boost digital economy
Thailand's Ministry of Digital Economy and Society (DES) is advancing its plans to form a new national artificial intelligence (AI) committee as part of its effort to advance the second phase of the national AI strategy.
Southeast Asia - Sat, May 4, 2024 | 8:53 am GMT+7
Indonesia welcomes highest number of foreign tourists in four years
Indonesia’s Central Statistics Agency (BPS) recorded more than 3 million foreign tourist arrivals in the country in the first quarter of 2024.
Southeast Asia - Sat, May 4, 2024 | 8:51 am GMT+7
Thailand to switch to early morning, evening tourism amid extreme heat
The Tourism Authority of Thailand (TAT) is preparing to promote early morning and evening tourism to stabilise the market, as extreme hot weather has kept people from taking part in outdoor activities.
Southeast Asia - Sat, May 4, 2024 | 8:50 am GMT+7
Indonesia expects to earn $70 bln from exports to China
The Indonesian government is optimistic that the export value to China would reach $70 billion in 2024.
Southeast Asia - Sat, May 4, 2024 | 8:31 am GMT+7
Digital transformation, green development focuses of Vietnam logistics: official
Vietnam's logistics businesses should focus on digital transformation and green development to improve their capacity and competitiveness, said Tran Thanh Hai, deputy director of the Import and Export Department under the Ministry of Industry and Trade.
Economy - Sat, May 4, 2024 | 8:27 am GMT+7
Advance effective date of housing, realty laws by 6 months, parliament urged
Vietnam’s Construction Ministry has proposed that the National Assembly, the country's parliament, advance the effective date of the 2023 Laws on Housing and Real Estate Business by six months to July 1 this year.
Real Estate - Fri, May 3, 2024 | 10:07 pm GMT+7
Samsung launches training program to aid Vietnam’s 50,000 semiconductor talent goal
Samsung Vietnam and the National Innovation Center (NIC) jointly launched the Samsung Innovation Campus (SIC) 2023-2024, a technological talent training program, at the NIC facility in Hanoi on Friday.
Companies - Fri, May 3, 2024 | 9:44 pm GMT+7
Vietnam currency to strengthen towards year-end: UOB
Vietnamese dong (VND), the local currency, is expected to appreciate against the greenback in H2/2024, with the U.S. Federal Reserve likely to cut interest rates twice this year.
Banking - Fri, May 3, 2024 | 7:58 pm GMT+7
Most Vietnamese tourists feel guilty about less sustainable travel choices: Booking.com
A majority of Vietnamese survey respondents (56%) feel guilty about less sustainable travel choices and almost all of them (94%) want to travel more sustainably over the next 12 months.
Travel - Fri, May 3, 2024 | 5:32 pm GMT+7
Former Bank Central Asia senior executive becomes Techcombank independent board member
Eugene Keith Galbraith, a world-class banking veteran, is expected to help Techcombank achieve its vision of becoming a leading bank in the region and the partner of choice for customers by drawing on his vast experience with Indonesia's Bank Central Asia (BCA).
Banking - Fri, May 3, 2024 | 3:51 pm GMT+7
Korea industrial giant Doosan's Vietnam unit earns $29 mln profit in 2023
Doosan Enerbility Vietnam Co., Ltd., the Vietnamese unit under South Korean industrial giant Doosan, earned a net profit of KRW39.65 billion ($29.11 million) in 2023.
Companies - Fri, May 3, 2024 | 3:19 pm GMT+7
PM requests urgent action to prevent cross-ownership, manipulation of credit institutions
Prime Minister Pham Minh Chinh has ordered the Ministry of Public Security to coordinate with the State Bank of Vietnam (SBV) to take urgent action to prevent and deal with cross-ownership and manipulation at credit institutions, ensuring system safety and financial-monetary security.
Banking - Fri, May 3, 2024 | 2:46 pm GMT+7
Samsung Electro-Mechanics to build new factory in Vietnam
Samsung Electro-Mechanics (SEM), the semiconductor and camera module arm of South Korea chaebol Samsung, is set to build a new factory in Vietnam.
Industries - Fri, May 3, 2024 | 10:19 am GMT+7
Stock market liquidity forecast to pick up at end-Q2
Real estate investment cash flow remains limited, but money flowing into stocks is likely to be positive at the end of the second quarter, said Dinh The Hien, director of the Institute of Informatics Research & Applied Economics.
Finance - Fri, May 3, 2024 | 10:14 am GMT+7
Ca Mau company director faces legal proceedings for illegal invoice trading
Police in the southernmost province of Ca Mau have launched legal proceedings against Dang Quoc Viet, who established three companies to illegally trade 350 invoices for VND130 billion ($5.12 million).
Society - Fri, May 3, 2024 | 9:00 am GMT+7
IMF makes new recommendations for Indonesia’s economy
The International Monetary Fund (IMF) has given some comments on Indonesia’s economy as the country is undergoing a government transition from President Joko Widodo to President-elect Prabowo Subianto.
Southeast Asia - Fri, May 3, 2024 | 8:40 am GMT+7