Sat. Jun 22nd, 2024
Five export companies lost nearly 20 tons of coffee and pepper

In June, five pepper businesses reported that over 18.5 tons of coffee and pepper were destroyed while waiting for export at Cat Lai port. The Vietnam Pepper and Spice Association (VPSA) communicated to Saigon Newport Corporation that around 18.5 tons of goods were withdrawn, with a value of 2.7 billion VND, comprising over 8.2 tons of pepper and 10.3 tons of coffee.

The loss of goods led to financial damages for the businesses, as they may have to compensate or face fines according to contract agreements. This situation also raises concerns about future contracts, as the VPSA believes that 7-28% of the total cargo volume was lost at Cat Lai port due to ship delays.

Authorities are urged to enhance supervision and ensure the safety of stored goods at the port. The Vietnam Maritime Administration (VMA) and Saigon Newport Corporation (SNP) were also requested to investigate and devise a plan for compensation if goods are lost. SNP assured that they have surveillance cameras in place and will recheck the entire system to provide a detailed report to the association.

In the agricultural sector, the average export price of pepper in May increased by 39.3% compared to the previous year, reaching 4,308 USD per ton. Pepper and coffee are the highest-priced export commodities, with Vietnam holding a significant share in the global market. The VPSA predicts the global pepper market size to grow by approximately 20% from 2024 to 2032, with Vietnam being the world’s second-largest coffee exporter.

In contrast, Vietnam’s coffee exports saw a notable increase in volume and turnover compared to the same period last year during the first four months of this year due to challenges such as losses during export process that threaten sustainability growth and profitability in this industry is crucial for addressing these challenges head-on so it can continue its trajectory towards becoming one of Asia’s leading agro-industrial economies.

Overall, it is clear that addressing challenges such as losses during export processes is critical for sustaining growth and profitability in Vietnam’s agricultural sector

By Aiden Nguyen

As a content writer at newscholarly.com, I delve into the realms of storytelling with the power of words. With a knack for research and a passion for crafting compelling narratives, I strive to bring forth engaging and informative articles for our readers. From decoding complex concepts to unraveling current events, I aim to captivate and educate through the art of writing. Join me on this journey as we explore the ever-evolving landscape of news and knowledge together.

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