Vinacafe to invest $50M to grow coffee by 2012

The Vietnam National Coffee Corporation (Vinacafe) will invest $50 million to grow new coffee trees from now to 2012, said the company’s Deputy Director Nguyen Van Truong.

Vinacafe must improve its coffee trees’ quality as more than 11,000 hectares of coffee, or 55% of the total cultivated area, are old and low quality, Truong was cited by the state-run Vietnam News Agency.

The company will grow more than 1,000 hectares of new trees this year, the deputy director said.

Vinacafe expects to raise its coffee export revenues by 4.5% to $341.7 million this year.

Last year, the corporation exported nearly 230,000 tons of beans, accounting for 20.4% of Vietnam’s total coffee export volume, notching up more than $330 million. (VNA)

Tags: Vietnam Coffee, VINACAFÉ

Posted by VBN on Aug 14 2010. Filed under Agriculture. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry