Vietnamese coffee growers are reaping significant profits from sharply increasing coffee prices.
In the Central Highlands region, the price per kilo of coffee stands at approximately VND87,000 (USD3). Since February 2, the average export price of Vietnamese coffee has reached USD3,276 per tonne, indicating a 7.40 percent increase compared to January 2024 and a 50.60 percent rise year-on-year.
In the year's first two months, Vietnam exported around 438,000 tonnes of coffee, achieving a total value of USD1.38 billion. This represents year-on-year growth of 27.90 percent and 85 percent, respectively.
Coffee export value has claimed second position for the first time, trailing only behind wooden products, according to Nguyen Nhu Cuong, head of the Crop Production Department under the Ministry of Agriculture and Rural Development.
Experts predict brighter opportunities for Vietnam's coffee exports amid a global supply decline.
The International Coffee Organisation estimated that the 2023-2024 coffee yield in Indonesia will drop by 16.60 percent compared to the previous harvest, totalling 10 million bags due to unfavourable weather conditions.
Nguyen Thi Hoa from Krong Nang District in the Central Highlands province of Dak Lak reported her family making a profit of VND59 million per hectare from coffee.
The Vietnam Coffee-Cocoa Association expects Vietnam’s coffee export value to reach a new record of USD4.5-5 billion this year.
Source: dtinews.vn, Lao Dong