In early December, the price of Robusta coffee in the domestic market increased sharply compared to the end of November. This development is contrary to the rule of every year when the Central Highlands region is entering harvest time, prices often decrease due to supply pressure. increase. On December 19, the average coffee price in the Central Highlands region was 67,300 VND/kg, a sharp increase of 10,000 VND/kg (equivalent to 17%) compared to the end of November.
Sharing with Tien Phong reporter, Mr. Nguyen Nam Hai, Chairman of the Vietnam Coffee – Cocoa Association (Vicofa) said that never in Vietnam’s export history of more than 30 years and in the fall season itself. However, the price of coffee is so high. According to Mr. Hai, the increase in coffee prices comes from the decline in global green coffee exports. The reason is that the global economy is having difficulty affecting consumer spending. Vietnam’s coffee exports in 2023 will also decrease quite a lot in volume, with an expected decrease for the whole year of 15%. In particular, due to the impact of drought, output also decreased compared to previous years, pushing up the price of green coffee, up to 70,000 VND/kg.
“If in 2023, by June, there will be almost no coffee left in the population for businesses to buy, by 2024, it will only be out of stock by May or even April. From now until April 2024, Europe can almost only rely on Vietnam to buy Rubusta coffee. It is likely that coffee prices in Vietnam will continue to increase and may be at the highest level in the world in 2024,” Mr. Hai predicted.
Mr. Do Ha Nam, Chairman of the Board of Directors of Intimex Group, said that the increase in the price of exported coffee beans brings joy to businesses and growers. However, when prices increased historically, farmers did not benefit much because when coffee prices increased, people massively sold coffee at 50,000 VND/kg.
