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Domestic robusta prices in Vietnam have risen more than 3 percent in the past week, tracking gains on the London futures market, and growers and trading houses are stepping up sales as a result, traders said.
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Vietnam is expected to sell 700,000 tonnes of rice to the Philippines between now and the end of the year, a government minister was quoted as saying on Friday.
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Exporters in Vietnam, the world& # 39;s largest robusta coffee producer, have defaulted on the shipment of at least 30,000 tonnes of beans since March because of losses on London futures, dealers said on Thursday.
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Reading some incorrect news recently reported about Vietnams pepper industry, Mr. Do Ha Nam, Chairman of Vietnam Pepper Association has answered as follows:
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The purchasing price for Robusta coffee in the Central Highlands has sharply increased to hit the record high since Feb. 2009.
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* Deal may boost Vietnam rice exports to record 6 mln T
* Price may be below Vinafood 2& # 39;s $504.50 bid at tender
* Manila& # 39;s imports from Vietnam to hit 2 mln T if deal done
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Austria& # 39;s largest commodity importer, plans to increase imports of Vietnamese rice from 50,000 tonnes in 2008 to 70,000 tonnes this year.
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Vietnam produces more than 1 million tonnes of coffee each year, but only 56,000 tonnes are consumed domestically, accounting for nearly 6 percent of the total country& # 39;s output.
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741,000 tonnes of coffee were exported in the first six months this year with the export turnover of US$1.1 billion, up 23% in terms of volume and down 12.07% in terms of value, reported the Ministry of Agriculture and Rural Development.
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Vietnamese coffee industry leaders are meeting urgently to cope with the lowest export prices in three years. Speculators are blamed, but its said that Vietnamese exporters have fallen into the trap because of their lack of professionalism and unity.
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MANILA, PHILIPPINES THE COUNTRY might import up to two million metric tons of rice this year, more than a tenth higher than the 1.8 million MT target announced last February, the Agriculture chief said yesterday.
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