Data from the Vietnam Pepper and Spice Association (VPSA) showed that Việt Nam exported 142,586 tonnes of pepper worth US$634.2 million in H1, down 6.8 per cent in volume but up 30.5 per cent in value.
The VCA urged firms to exercise greater caution in negotiations, partner verification, payment terms and contracts to prevent the recurrence of similar cases in the future.
Viet Nam''s pepper farmers are on pins and needles as pepper prices continue to decline. The industry, once known for its high profit margins, is in crisis due to unsustainable development, lack of strict control over production and unforeseeable speculation.
The Ministry of Industry and Trade has added pepper to the list of commodities traded on the Viet Nam Commodity Exchange (VNX), according to the ministry’s Decision 1071/QĐ-BCT issued on Wednesday.
Viet Nam earned US$1.2 billion from the export of nearly 145,500 tonnes
of pepper in the first nine months of the year, a year-on-year increase
of 31.5 per cent in volume and 13.1 per cent in value.
Viet Nam''s pepper export revenue could set a new record this year or at
least equal to that of last year despite lower export volume, according
to the Viet Nam Pepper Association.
The pepper industry will, for the first time, achieve a record gross of
US$1 billion this year, with bumper harvest and high prices, according
to the Viet Nam Pepper Association (VPA).
The pepper industry is hoping to attain an annual export value of US$1
billion within the next few years, buoyed by increasing global demand
for the staple.