Gia Nghia of Dak Nong provided the maximum price of VND103,200/kg, while traders in Lam Dong province offered the lowest price of VND102,700/kg. Robusta coffee rose to VND102,700 per kg  in Bao Loc, Di Linh, and Lam Ha; to VND 100,000 per kg - VND100,100  per kg in Dak Lak; to VND103,000  in Dak Nong; to VND103,000 per kg in Kon Tum, and to VND103,000  per kg in Gia Lai.

The current coffee price is beyond the imagination of Vietnamese coffee farmers. Mr. Le Van Bao, a coffee farmer in Bu Dang district, Binh Phuoc province, shared that for decades since Vietnam exported coffee again, coffee growers have only dreamed of coffee prices reaching VND 50,000 per kg. Unexpectedly, in 2023, coffee prices exceeded this mark and went over VND 70,000 per kg. At the beginning of 2024, coffee prices increased sharply and reached over VND100,000 per kg, double farmers' expectations over the years.

Mr. Nam also said that the current coffee price is beyond the imagination of coffee businesses. Because coffee prices are not anticipated to reach this level, many companies need help buying coffee to fulfill export orders. Especially with export orders signed when Vietnamese coffee prices were still at VND 60,000 - 70,000 per kg, the possibility of losses for many exporters is enormous.

Not only domestic coffee prices but also Vietnam's export coffee prices increased sharply in the first months of this year. According to the General Department of Customs, in the first two months of the year, the average export price of Vietnamese coffee reached USD 3,146 per ton, an increase of 44.5% over the same period in 2023.
Mr. Nguyen Nam Hai, Chairman of the Vietnam Cocoa Coffee Association (Vicofa), said that in the first quarter of 2024, Vietnam is expected to export about 600,000 tons of coffee with a turnover of about USD 1.9 billion, an increase of 3 1% in export quantity but increased by 54.7% in export turnover. The export of green coffee is the primary source, accounting for about 91% of the output and about 85% of the value.
Vietnamese coffee prices increased in the first months of this year. Still, the supply has gradually depleted, and there is little inventory in warehouses for businesses and farmers, so export volume from now until the end of the season will decrease. The turnover potential will reach more than USD 5 billion in 2024.

Mr. Nguyen Quang Binh, a coffee market analyst, said that with the average export price at over USD 3,000 per ton and export value reaching USD 1.9 billion in the first three months of the year, coffee exports coffee this year could ultimately exceed the USD 5 billion mark.

T.Huong

Source: Vitic/Kinhtedothi