Date Submitted: 21/09/2023 04:23 PM

According to the survey, coffee prices on September 20, in the Central Highlands region, decreased by 300 - 400 VND/kg after 5 consecutive days of strong increases, fluctuating between 67,300 - 68,100 VND/kg. Coffee price in Lam Dong province decreased by 300 VND/kg, down to 67,300 VND. Coffee prices in Dak Lak and Gia Lai both decreased by 300 VND/kg, down to 67,900 VND/kg and 67,700 VND/kg, respectively.

In Dak Nong, coffee price decreased by 400 VND/kg, down to 68,100 VND/kg and is the highest price among localities. Although coffee prices have decreased, for businesses, the current price is still a record high in the past 30 years.

Mr. Ho Sy Quang - Chairman of the Board of Directors of Tam Thanh Agricultural Cooperative, Ia Hrung commune, Ia Grai district, Gia Lai - said that record high coffee prices help farmers be very excited because their income is better than before. . According to Mr. Quang, on average, if a household grows about 2 hectares of coffee, they will harvest about 20 tons of fresh beans (equivalent to 4.5 tons of beans).

"With the current price, after deducting costs such as fertilizer, irrigation water, labor... about 60 million VND/ha, people can earn nearly 200 million VND. Not to mention, there are gardens planted alternately with durian, this year the income could be much better," Mr. Quang said.

According to Mr. Quang, it is unfortunate that at this time, the coffee grown by farmers is almost gone. Usually about 2-3 months after the beginning of the harvest, around March and April every year, people sell all their coffee.

“The current record high coffee prices, coffee growing households regret but cannot do anything. Most are looking forward to the new crop, prices still remain high," Mr. Quang expressed.

Mr. Tran Dinh Trong - Director of Ea Tu Cong Bang Agricultural Service Cooperative, Dak Lak - informed that increased coffee prices in theory mean growers have greater profits. However, when the price of coffee increased to 50,000 VND/kg, most people were surprised because they did not think that the price of this product could increase further.

"Many families who have urgent work have gone to some purchasing agents to fix prices and sell out, so now the only ones benefiting from high prices are businesses that have purchased a few months ago and still have inventory in stock," Mr. Trong said.

According to the leader of the Buon Ma Thuot City Coffee Association, the reason why coffee prices reached a record price is due to the impact of this year's crop failure, causing a serious decrease in output. Along with that, Robusta coffee prices are higher than previous years, causing goods to be consumed quickly with the business's inventory running out of stock since June.

The Vietnam Coffee and Cocoa Association said that this year's coffee output is estimated to decrease by 10-15% due to unfavorable weather. However, coffee exports from now until the end of the year are still positive because demand increases and selling prices remain high.

According to forecasts of the Ministry of Agriculture and Rural Development, the amount of coffee exported this year will reach about 1.72 million tons, earning 4.2 billion USD. If this level is achieved, this will be a new record turnover for the Vietnamese coffee industry in decades.

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