After days of escalation, coffee prices have exceeded the VND90,000 per kilogram threshold. On March 14, coffee beans were traded at VND90,200-91,100 per kilogram, twice as much as the same period last year.

According to Tran Van Xuat, director of Nam Ban Agriculture Cooperative in Lam Dong, coffee harvesting has ended and the prices have broken records. 

Xuat said he has sold out coffee, but he and other farmers are happy because the coffee prices continue rising.

It is estimated that one hectare of coffee provides 3.8 tons of coffee beans. With the selling price of VND85,000 per kilogram, farmers get turnover of VND325 million and make a profit of VND200 million. Those who have stored coffee and sell coffee at this moment at VND90,000 per kilogram will even make a bigger profit.

In some localities, coffee bean prices have soared to VND95,000 per kilogram and analysts believe that the VND100,000 per kilogram peak is reachable.

“We have a bumper crop this year and coffee goes for good prices,” said Le Quang Cuong in Hung Phuoc of Bu Dop district in Binh Phuoc, adding that this year’s yield is twice as much as the previous year (4 tons instead of 2 tons). 

Cuong grows organic coffee which can be sold at higher prices, VND105,000 per kilogram on average, with which he can earn VND420 million this crop.

Meanwhile, pepper growers confirm that the prices of the spice have hit a 5-year high, which has led to farmers’ much higher incomes. One hectare of coffee can bring profit of VND350 million.

After witnessing decreases last week, Vietnam’s rice prices have bounced back. Bui Thi Thanh Tam of Vinafood 1 said with the current prices, rice farmers can make a profit of 60 percent.

Meanwhile, durian prices set a new record when an orchard in Mekong Delta sold durian at VND212,000 per kilogram. In the domestic market, durian prices are between VND135,000 and VND212,000 per kilogram.

According to Tran Lam Sinh, deputy director of Dong Nai Department of Agriculture and Rural Development, durian prices have been standing firm since 2023, which has helped farmers pocket billions of dong in profits.

In Dong Nai, a farming household can pocket profits of tens of billions of dong a year from its 30 hectares of durian.

Durian prices have been escalating since late 2022, bringing profits of VND1-2.5 billion per hectare.

Vietnam’s farm exports recently have been growing well thanks to the strong recovery of target markets. 

The Ministry of Agriculture and Rural Development (MARD) reported that Vietnam’s average rice price in the first two months 2024 was $699 per ton, up 32.2 percent over the same period last year, while coffee was $3,153 per ton, (+ 44.7 percent), rubber $1,429, (+ 3.4 percent), pepper $4,041, (+ 28.7 percent), and tea $1,699, (+ 1.7 percent)

Buyers flock to Vietnam

State agencies and experts believe that farm produce prices will continue to increase in the time to come. Pepper is believed to regain its ‘golden days’ with prices expected to soar to VND350,000 per kilogram.

Le Hoang Tai, deputy director of the Vietnam Trade Promotion Agency (Vietrade), said pepper demand is predicted to increase and consumers are willing to pay more for high-quality pepper.

The US, EU and Middle East have increased imports which can satisfy the requirements on social responsibility and environmental protection. Importers seek pepper supply in Vietnam, which provides 40 percent of the total global output and 60 percent of the world’s export market share.

Nguyen Nam Hai, chair of the Vietnam Coffee and Cocoa Association, said Vietnam exported 400,000 tons of coffee in January and February with export turnover of $1.25 billion, the highest level compared with the same period last year. 

Export companies said orders are coming, but they have to reject some because the inventory level is low.

Nguyen Dinh Tung of Vina T&T Group predicted that farm produce prices would increase in the first months of the year. 

In addition to fresh durian, Vietnam will export frozen durian to China, which will increase prices. In February and March, when Thailand and Malaysia lack durian to export, Vietnam will be able to sell durian at high prices.

Tam An