According to the Vietnam Coffee and Cocoa Association, coffee prices in the Central Highlands provinces today continue to increase dramatically, increasing by 1,400 – 1,700 VND/kg compared to the beginning of the week, in the range of 90,400 – 91,800 VND/kg.
Accordingly, Dak Nong province has the highest purchasing price of 91,800 VND/kg, an increase of 1,700 VND/kg. Dak Lak province also increased by 1,400 VND/kg to 91,700 VND/kg. Next, Gia Lai province adjusted the purchasing price to 91,400 VND/kg, an increase of 1,700 VND/kg. The lowest transaction level recorded in Lam Dong province is 90,400 VND/kg, an increase of 1,400 VND/kg.
The rising price of Vietnamese coffee is not only due to the world trend but also due to limited supply. When the price was good at the beginning of the season, many farmers took advantage of selling to take profit. By mid-season, when the price reached 70,000 – 80,000 VND/kg, small businesses also exported goods.
Mr. Tran Van Xuat – Director of Nam Ban Agricultural Cooperative, Lam Dong province – said that people in the cooperative this year were very surprised when the harvest ended but coffee prices continuously reached new peaks. According to preliminary calculations, on average, 1 hectare of coffee has the highest yield of 3.8 tons. Calculated at the current price of about 90,000 VND/kg, the revenue will be 342 million VND. After deducting costs, coffee growers can earn a profit of more than 200 million VND/hectare.
Farmers are excited because coffee prices have increased to record levels.
Mr. Le Duc Huy – General Director of 2-9 Dak Lak Import-Export Company Limited (Simexco Daklak) – said that the world’s demand for Vietnamese robusta coffee is currently very large. This is the reason why domestic coffee prices have increased compared to many years in history.
Along with that, some green coffee products are used for roasting and grinding to dissolve in water, so domestic demand increases.
On the business side, Mr. Huy said there is no shortage of export orders, but in fact, the business does not dare to receive additional orders for the second quarter of 2023, because the supply of coffee in the population is currently not much.
“It is estimated that the amount of coffee in the population is still very low, this situation is opposite to every year. Normally it takes until June for the supply to run out, but now it’s only in March that there are signs of almost running out of goods,” said General Director of Simexco Daklak.
Mr. Le Huy Quang – CEO of Le’s Farm High-tech Agricultural Company Limited – said that with rising coffee prices, farmers are the first to benefit. When the coffee price reached 60,000 VND/kg, people were excited, now the price exceeds 90,000 VND/kg, the joy is even greater. Coffee acreage is recovering and farmers are also smarter about not overusing fertilizers like before.
According to this person, Vietnam’s coffee output has also recently decreased sharply from about 1.8 million tons to 1.6 million tons/year due to low coffee prices leading many gardeners to switch to valuable crops. higher economic, especially durian. With the current coffee price, it will prevent people from growing coffee from other crops.
According to the General Department of Customs, in the first 2 months of the year, Vietnam exported about 438 thousand tons of coffee, earning 1.38 billion USD, up 27.9% in volume and 85% in value over the same period last year. last.
Notably, export coffee prices increased sharply. In February, Vietnam’s average coffee export price was estimated at 3,276 USD/ton, an increase of 7.4% compared to the previous month and a sharp increase of 50.6% compared to February 2023. Calculated for two months, the average export price of our country’s coffee reached 3,153 USD/ton, up 44.7% over the same period in 2023.
