Cocoa Bean Prices Hit Record High in Vietnam
Prices of cocoa bean for export are now reaching record high in southern provinces of Vietnam, the Saigon Liberation newspaper reported late June 2008.
Nguyen Thi Kim Loan, a staff of the ED& F Man Cocoa Vietnam, said the company is now buying the bean with VND45,500 a kilo, doubling the price of last year.
Loan said the price increase profits local farmers around VND30 million per hectare yearly.
The Vietnamese government has prioritized cocoa plantation, seeing cocoa bean as one of key export items in the coming years.
The Ministry of Agriculture and Rural Development has approved a project to develop cocoa farms to 80,000 hectares by 2020, which is expected to generate from US$100 million to US$120 million export revenues.
Last year, Vietnam exported 240 tons of dried cocoa beans out of total harvest of 258 tons.
Local cocoa producers and their partners in Southeast Asia will explore ideas to develop the cocoa industry and improve crop quality at a regional conference in HCM City from June 26-28. (Saigon Liberation)
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