Ha Noi (VNA) - Japan ’s Mizuho Bank on December 21 signed an agreement to provide credit to Viet Nam ’s leading coffee exporter, Vinacafe Buon Ma Thuot, to help finance further expansion of its trademark into the Japanese market.
Under an agreement signed with the Vinacafe affiliate Tay Nguyen Coffee Import-Export, Vinacafe affiliate Tay Nguyen Coffee Import-Export and Investment Joint Stock Co, Mizuho Bank will extend loans at preferential rates up to the value of coffee export contracts signed between Vinacafe Buon Ma Thuot and Japanese importer Marubeni.
Vinacafe Buon Ma Thuot general director Vu Duc Tien said that Marubeni was its largest partner in Japan . Marubeni has signed contracts to purchase 20,000 tonnes of coffee from the 2007-08 crop.
Tran Le Mai Khanh, manager of the Agri-Marine Products Division at Marubeni, said that Japan was a highly demanding market and that the export contracts signify a success for both Vinacafe and Marubeni.
Japan imports around 30,000 tonnes of Viet Nam robusta beans per year.
Tien said that the two companies were also considering setting up a coffee processing plant in a southern province at a cost of 15-20 million USD.
The plants would produce 3,000 tonnes of instant coffee annually, with Marubeni to guarantee sales for the output.
Tien expected that paper-work for setting up the joint venture would be completed in 2008.
Tien refused to disclose the exact amount of the line of credit from Mizuho Bank, saying that Mizuho would provide not only financing, but important support to market the Viet Nam Coffee trademark on the Japanese market.
The contract was part of an overall strategy by Mizuho’s to finance Asian producers of major agricultural and natural resource products.
“We are also willing to extend our credit to a number of Viet Nam ’s distinguished enterprises,” said Toshihiro Mitsui, general manager of Mizuho’s Ha Noi branch.
Japan ’s second largest bank, Mizuho has relationship with many Vietnamese corporations including Vinacomin, Electricity of Viet Nam, and Vinalines. It opened a branch in Ho Chi Minh City last year.
Vinacafe Buon Ma Thuot, previously a subsidiary of Viet Nam Coffee Corporation (Vinacafe), was equitised in 2004, with Vinacafe now holding less than 40 percent stake
Based in the city of Buon Ma Thuot in the Central Highlands province of Dak Lak , Vinacafe Buon Ma Thuot account for 20 percent of Viet Nam ’s coffee exports, earning a revenue of 296 million USD in the first 11 months of 2007.
Viet Nam is the world’s second largest coffee exporter after Brazil . It exported 1.1 million tones of coffee in the first 11 months of this year, with total revenues growing 73 percent to 1.78 billion USD.-Enditem
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