Deputy prime minister Pham Gia Khiem ratified a feasibility project to build the "tea auction floor" for the first time, using money from a non-refundable aid granted by the French Development Agency (AFD). According to the Vietnamese Tea Association, the floor would also allow domestic tea companies to promote their products.
It hopes tea companies the world over will set up representative offices in Vietnam once the floor comes into operation.
The price of Vietnamese tea is only half compared to tea from Sri Lanka or India though the quality is roughly the same, the association said. Tea prices in Vietnam have also fallen 50% in the past 7 years.