Coffee insurance fund plan floated
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The plan has been included in Vietnam’s draft strategy for coffee sector development until 2020, submitted to the Ministry of Agriculture and Rural Development (MARD) for approval.
Accordingly, the fund is expected to become operational from 2011 with capital contributed by businesses within the coffee industry. Its core function is to help coffee businesses and farmers alleviate risks at times of market fluctuations.
“The state cannot always subsidise the interest rate to help coffee businesses take soft loans from banks to stockpile coffee and address the coffee sector’s difficulties as in the past years.”
“Establishing a coffee insurance fund is then essential for the sector to deal with risks in an efficient and timely manner,” said MARD’s DepartmentofAgro-Forestry-FisheryProductProcessing, Trading andSalt Industry deputy director Doan Xuan Hoa.
At present, Vietnam earns an averaged export value from coffee beans of around $2 billion per year.
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