The Green Banana Price Surge: Northern Traders Capitalize on Southern Stock, Charging Double to Quadruple the Price for Tet

Green bananas are a staple in the North’s tray of five fruits. They symbolize the wood element in feng shui and are believed to bring families together and signify prosperity and warmth.

Unfortunately, this year’s crop in the North has been severely impacted by Storm No. 3 and flooding, resulting in a scarce supply for the Lunar New Year market.

Nguyen Nhan, a resident of Tu Ky district in Hai Duong province, shared that her family had about one hectare of green bananas for the previous year’s Lunar New Year market. However, this year’s crop was destroyed by Storm No. 3, causing them to “lose everything” for the upcoming holiday.

Meanwhile, Minh Hoang, a trader in Hanoi, shared that he had just returned from Dong Nai, the “capital” of bananas, with two truckloads of bananas to sell for the upcoming holiday.

“I bought them directly from the gardens for 25,000-30,000 VND/kg. A bunch of ten bananas costs around 250-300 thousand VND,” said Hoang.

In Hanoi, many retailers in the market stated that the price of green bananas for the five-fruit tray this year is two to four times higher than last year. Well-shaped banana bunches are being sold for 200-300 thousand VND each.

Previously, Nguyen Hong Yen, Head of the Plant Protection and Cultivation Department of Hoa Binh province, shared that many northern provinces were affected by Storm No. 3, damaging a significant area of banana crops. At the same time, the Chinese market has been “absorbing” a large amount of bananas.

As a result, traders have been actively seeking to purchase bananas at high prices. Many gardens are selling bananas for 500 thousand VND each, and some traders are even buying entire gardens, locking them up, and taking care of them until the Lunar New Year to export to the Chinese market.

In the South, Vo Quan Huy, Director of Huy Long An Co., Ltd. (Long An), shared that the high banana prices have benefited farmers.