VIETNAM BUSINESS NEWS OCTOBER 24
Ample room for Vietnamese coffee exports to Spain
There is ample room for growth for Vietnamese coffee exports as Spain’s coffee segment is expected to grow by 6.84% in 2022-2025 period, according to the Vietnamese Trade Office in Spain.
A survey in the Spainish market showed that up to 87% of its popoulation aging between 18 and 64 drink coffee and 70% do so daily. The average is 2.2 cups a day and the prefered place is at home (61%), followed by bars or restaurants (26%) and work (21%).
Data from the General Department of Customs showed that Vietnam exported 5,240 tonnes of coffee to Spain in September this year, worth 13.1 million USD , down 14.4% in volume and 7.1% in value against the previous month, reported the Foreign Trade Office under the Ministry of Industry and Trade. However, the figure increased by 11.5% in volume and by 37.4% in value compared to September last year.
Shipment from Vietnam to Spain reached 71,700 tonnes, worth 160.81 million USD, a year-on-year rise of 40.4% in volume and 63.4% in value. The average export price of coffee in the first nine months of this year was 2,245 USD per tonne, up 16.7% year-on-year.
Spain's coffee imports from non-EU supply in the first seven months of 2022 reached 165,730 tonnes, worth 524.1 million euros, up 17.4% in volume and 100.8% in value. Of which, Vietnam is the largest source for the country with an import volume of 67,200 tonnes. Particularly, Vietnam's coffee accounted for 30.14% of the total coffee import of Spain in the seven months of this year.
Vietnamese EV maker VinFast receives US$135 million in green funding
The Asian Development Bank (ADB) mobilised a US$135 million financing package for VinFast Trading and Production Joint Stock Company (VinFast) to manufacture Viet Nam’s first fully-electric public transport bus fleet and first national electric vehicle (EV) charging network.
The assistance will support Viet Nam’s efforts to achieve net-zero greenhouse gas emissions and expand high-tech manufacturing industries.
The 7-year tenor financing comprises a $20 million loan funded by ADB, parallel loans of $87 million facilitated by ADB as mandated lead arranger, and concessional financing of up to $28 million. The climate financing is certified by the Climate Bonds Initiative, a scientifically-based standard for labelling bonds, loans and other debt instruments which contribute to addressing climate change.
ADB has partially offset the project’s risks by utilising concessional financing from its managed trust funds comprising a loan of up to $20 million from the Australian Climate Finance Partnership funded by the Australian Government (ACFP); a loan of up to $5 million from the Clean Technology Fund (CTF), and a grant of up to $3 million from the Climate Innovation and Development Fund, which is funded by Goldman Sachs and Bloomberg Philanthropies.
Parallel loans were also mobilised by ADB from Export Finance Australia, the Finnish Fund for Industrial Cooperation, Oesterreichische Entwicklungsbank AG, and responsAbility.
Additionally, the project includes a technical assistance (TA) of $950,000 from the ACFP and the CTF, focused on raising consumer awareness about e-mobility’s economic, environmental, and social impacts to help advance its market penetration. The TA will also help promote the role of women studying for or working in fields related to science, technology, and mathematics.
