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Coffee transaction centre to be built in Dak Lak
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First ever professional coffee trading floor in Vietnam, ‘Buon Ma Thuot Coffee Transaction Centre in Dak Lak Province, is scheduled to be operational from September 2006.
Buon Ma Thuot Coffee Transaction Centre (BCTC) will serve the trade of coffee beans made in Vietnam, operating under the mode of concentrated and open auctioning. The centre will operate under the member principle and under the management of Dak Lak Peoples' Committee.
A management council to regulate the transaction centre will comprise of two representatives from Dak Lak Peoples' Committee, a council chairman, a representative of Vietnam Coffee and Cocoa Association (Vicofa), and three representatives from member organisations.
Transactions at the centre will be carried out through a local area network (LAN), and wide area network (WAN), while member organisations can conduct transactions directly or via the Internet. Five transactions will take place per week, from 7.30 pm to 9 pm.
Two main types of coffee available will be Arabica and Robusta, with all products registered for transaction meeting requirements on quality in accordance with government regulation 41329/2001.
BCTC will also act as an intermediary for receiving and transferring products, which will be delivered at one of five depots in Buon Ma Thuot, HCM City, Da Nang City, Hai Phong and Vinh City. Local business must have minimum capital of VND5bil and minimum coffee export of 5,000 tones a crop over the last three consecutive years, to be eligible for centre membership.
Broker organisations must hold licenses for financial or trade brokerage and have a minimum chartered capital of VND3bil. Foreign brokers must have minimum chartered capital of $2mil. Producers, dealers, processors, and brokers not eligible to become members can still join transactions at the centre through centre members. All members can act as brokers.
VietNamNet
Vietnam coffee area flood death toll hits 60
HANOI, Dec 21 (Reuters) - Floods have killed six more people in Vietnam's Central Highlands coffee belt, taking the death toll to 60 over the last 10 days, but officials said on Wednesday the important coffee crop was not affected.
The six, two of them children, drowned as heavy rains triggered floods in the eastern and southeastern parts of Daklak province, which are not key coffee growing areas, an official at Daklak's disaster management department said.
"The damaged coffee area, mainly along streams and rivers, is relatively small, between 300 and 400 hectares," he said, referring to an area of between 740 and 990 acres.
Irrigation projects were damaged and more than 1,100 homes inundated in the districts of Ea Kar, Krong Bong and Krong Ana.
Daklak, which has 160,000 hectares of coffee plantations, produces a third of Vietnam's output. The country is the world's second-largest producer of the commodity after Brazil.
The rain has prevented coffee growers from drying cherries, raising concerns about quality as beans ferment and turn black if kept indoors for too long, making them unfit for export.
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