A banana garden in Cao Phong district, Hoa Binh province. Photo: Tung Dinh
As a result, traders have been hunting down and buying bananas at very high prices. Currently, many gardens are selling unripe bananas for 500,000 VND each. Some traders even buy and lock up the gardens, taking care of the bananas themselves while waiting for the Tet holiday to export them to China.
“This year, banana farmers are getting good prices,” said Mr. Yen.
Traders are buying unripe bananas for 500,000 VND per bunch. Photo: Tung Dinh
In the South, Mr. Vo Quan Huy, Director of Huy Long An Co., Ltd. (Long An), told Nguoi Lao Dong newspaper that the high banana prices benefit farmers. Currently, the purchasing price of bananas is about 8,500 VND/kg.
However, Mr. Huy also noted that the Chinese market is unpredictable, and prices can fluctuate drastically. Therefore, production and export should not rely solely on this market and avoid excessive planting without meeting standards.
According to data from the Chinese Customs, in the first ten months of 2024, China imported 1.37 million tons of bananas, worth 733.78 million USD, a decrease of 6.4% in volume and 19.6% in value compared to the same period last year.
China reduced banana imports from the Philippines, Cambodia, and Thailand. In contrast, it significantly increased imports from Vietnam, Laos, Mexico, and other countries.
Chinese Customs data also showed that in the first eight months of 2024, Vietnam became China’s largest banana supplier, with an export volume of 459,940 tons, worth 189.82 million USD, a increase of 19.6% in volume and 0.8% in value compared to the same period last year.
Vietnam’s market share in China’s total banana imports increased from 31.33% in the first eight months of 2023 to 40.71% in the same period in 2024. During this period, China also reduced banana imports from the Philippines and Cambodia.
Thus, Vietnam’s banana industry has replaced the Philippines as China’s top supplier and is gaining a strong foothold in this market.
The reason for this shift is believed to be the unfavorable weather conditions in the Philippines, which led to reduced production and higher prices. Although Filipino bananas are still favored in the Chinese market for their taste, the scarcity of supply and higher costs have paved the way for Vietnamese bananas to expand their market share.
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