Since early 2024, the price of many agricultural products in Vietnam has been continuously increasing.
Domestic and global coffee prices are consistently reaching new highs. As of February 19, 2024, domestic coffee prices continue to rise, with the average price currently at 81,000 VND/kg in the Central Highlands provinces, and the highest purchase price in Dak Nong province at 81,400 VND/kg.
Specifically, coffee purchase prices in Gia Lai and Kon Tum provinces are relatively high at 81,000 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 81,400 VND/kg.
Coffee bean prices in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha are purchased at 80,300 VND/kg.
Coffee prices in Dak Lak province; in Cu M’gar district, coffee is purchased at 81,000 VND/kg, while in Ea H’leo district and Buon Ho town, it is purchased at the same level of 81,100 VND/kg.
According to the Vietnam Coffee-Cocoa Association (Vicofa), with the above developments, 2024 is forecasted to continue to be a favorable year for coffee exports. The association also predicts that although production may decrease, export value will increase and is expected to reach about 4.5 – 5 billion USD.
In reality, in January 2024, Vietnam’s coffee exports reached 210,000 tons, an increase of 48% in volume with a turnover of over 621 million USD, up 99.6% compared to the same period in 2023. The increase in both quantity and value of coffee exports has driven domestic coffee prices to a high level.
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Meanwhile, Vietnam’s durian is experiencing a strong price increase at the beginning of the year. Grade A Monthong durians are currently being purchased by orchards in Tien Giang province at 200,000 VND/kg, an increase of nearly 20% compared to the end of last year. This price equals the previous peak one year ago. With this price, according to calculations by farmers, despite the large investment needed to process the fruit, profits can reach up to 1 billion VND/ha.
According to statistics from the General Administration of Customs of China, the country imported 493 thousand tons of durian from Vietnam, with a value of 2.1 billion USD, an increase of 1,107.0% in volume and 1,035.8% in value compared to 2022. Vietnam’s durian market share in China’s total imports increased significantly from 5% in 2022 to 34.6%.
In addition, the Plant Protection Department (Ministry of Agriculture and Rural Development) has completed the procedures and dossier to request China for permission to import frozen durian from Vietnam. It is forecasted that the export turnover of frozen durian in 2024 will increase by an additional 30%.
In addition to coffee and durian, in 2023, contrary to many agricultural product groups, rice achieved a significant victory that has never been seen before, surpassing all predictions and targets set at the beginning of the year, bringing “good season, good price” to farmers.
At the beginning of 2024, Vietnam won a tender of 300,000 tons of rice from Indonesia, accounting for 60% of the rice volume that the country wants to purchase. Vietnam is entering the Spring crop with a large output, but the export price of rice is still maintaining at 640 USD per ton, equivalent to the peak level last year. Rice export in 2024 is forecasted to continue to be favorable, with high export prices as the global market increases its imports.
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According to a report by the Ministry of Industry and Trade, the export turnover of goods in January 2024 is estimated at 33.57 billion USD, an increase of 6.7% compared to the previous month. Export growth has been strong and consistent in both the agriculture, forestry, and fishery group (with an increase of up to 98.6%) and the processing industry group (with an increase of 38.4%).
Among them, the agricultural and fishery group continues to be the bright spot in the country’s export picture, with an estimated turnover of 3.33 billion USD, an increase of 9.1% compared to the previous month and accounting for 9.9% of the country’s total export turnover. Building on the success of 2023, Vietnam’s agricultural and fishery exports confidently enter the new year of Giap Thin 2024 with many optimistic signals.
