Despite the domestic coffee price fall, the Vietnam Coffee and Cocoa Association (Vicofa) has said it has yet to have a plan to seek Government approval for temporary storage to prop up prices as in previous years, reports The Saigon Times. A Vicofa leader said coffee prices have turned volatile in recent times, so storage would be risky.
Experts said purchasing coffee in bulk could help prevent coffee prices from further collapsing in the coming time.
Last year, enterprises permitted farmers to keep beans at their storage facilities and made advance payments equivalent to 60-80% of the value of total volume. Then, if farmers agreed to sell, enterprises would pay at the market price at the time of selling.
