There remains plenty of room for the nation to increase this year’s coffee exports to the world's leading five markets, including the United States, Germany, France, Canada, and Italy.

According to details given by the Ministry of Agriculture and Rural Development (MARD), February saw global coffee prices increase, with the price of Robusta coffee delivered in March in the London market rising by US$174 per tonne to reach US$2,349 per tonne. The increase in coffee prices is primarily being caused by global coffee inventories continuing to decline.

Coffee export volume during the first two months of the year reached 293 thousand tonnes and US$674 million, up 3.4% in volume and 35.6% in value over the same period from last year.

The US Department of Agriculture (USDA) therefore forecasts that Vietnamese coffee production in the 2021 to 2022 crop year will increase by 2.1 million bags from the previous crop to 31.1 million bags following a severe drought which hit during the previous crop year.

The recovery of several major economies around the world is also helping to boost coffee consumption, with a growing trend of instant coffee consumption which helps to increase the advantage of Vietnamese Robusta coffee.

Furthermore, Robusta is the raw material used in processing instant coffee, with the nation being the world's largest exporter of this type of coffee.

The USDA also anticipates that global coffee production in the 2021 to 2022 crop will fall by 8.5 million bags, or 4.8% compared to the previous crop year, to 167.5 million bags (60 kg type).

Global coffee consumption for the 2021 to 2022 crop is forecast to grow by 1.5 million bags to 165 million bags, with increases mainly in the EU, the US, and Brazil. Global coffee stocks are also anticipated to drop by 6.3 million bags to 30 million bags, the lowest over the past five crop years.

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