Hanoi won't join ACPC

Hanoi won't join ACPC

HANOI (Reuter): Vietnam is not ready to join the ACPC global coffee producers' group because it cannot afford to hold stock off the market, the national coffee and cocoa association's (VICOFA) chairman said in an interview published on Saturday.

"There are some reasons which make entry into ACPC at this moment unsuitable," Doan Trieu Nhan told Vietnam Economic Times.

"The main reason is having the money to buy and keep some volume of coffee in stock, as required by the ACPC."

Asia's largest coffee producer after Indonesia and the world's sixth-biggest exporter, Vietnam carries considerable weight in the world market and so regularly comes under pressure to join the 14-member group.

But Nhan said it would be difficult to join ACPC members in restricting exports to bolster world market prices because traders in Vietnam needed a regular cashflow.