Nestle faces new coffee rival as Vietnam targets instant market

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

Business News News

Business Business Latest News,Business Business Headlines

.Nestle faces new coffee rival as Vietnam targets instant market

"Asia is the world's fastest-growing coffee-consuming region, where many consumers are still starting to build up a coffee-drinking habit," said Jose Sette, head of the International Coffee Organization in London.

Ho Chi Minh City-based Intimex, which was a state-owned company before being sold to private investors in 2006, aims to overtake Nestle as Vietnam's biggest pure instant-coffee supplier in the next five years by expanding annual capacity fivefold to 20,000 tons.

The plan includes increasing the volume of green beans used in the intensive coffee-processing sector to 30 per cent-to-40 per cent of the country's total output from the current 10 per cent, leaving a smaller quantity available for export as unroasted, green beans. Domestic roasters and soluble plants are slated to use more than 500,000 tons of green beans annually in the next three years, 40 per cent more than what's currently consumed, said Le Tien Hung, CEO of the second-largest exporter Simexco Dak Lak.Vietnam has the capacity to make as much as 58,500 tons of instant coffee a year from nine plants, according to data compiled by Bloomberg News.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Taiwan emerges as new market for LGBT+ surrogacy after gay marriage lawTAIPEI — On Geoffrey Li's 40th birthday last year, he put aside his dream of an early retirement on an idyllic island and instead decided to raise a child in Taiwan using a surrogate in Southeast Asia. Crazy bad influence to the youngs.
Source: TODAYonline - 🏆 1. / 99 Read more »