Businesses, farmers yet to benefit from recent coffee price hikes
Over the past month, the price of coffee bean has continuously increased, reaching the mark of 60,000 VND (2.55 USD) a kilogramme, the highest in the past 15 years, in the Central Highlands provinces which are considered the country's "coffee capital".
Dak Lak (VNA) - Over the past month, the price of coffee bean has continuouslyincreased, reaching the mark of 60,000 VND (2.55 USD) a kilogramme, the highest in the past 15 years, in the Central Highlands provinces which are considered the country's "coffee capital".
According to the Department of Industry and Trade of Dak Lakprovince and coffee exporters, the market has been strongly influenced by the law ofsupply - demand.
Vietnam is leading the world in Robusta coffee production. However, while thedemand for this kind of coffee has increased in recent years, Vietnam'soutput is decreasing by about 10-15%, causing a shortage of supply.
In addition, the current inflation has pushed up the prices ofraw materials and fuels, especially agricultural materials, by two-three times,resulting in a rise in coffee production and processing costs, and sellingprices.
The price of coffee bean has continuously increased, reaching the mark of 60,000 VND a kilogramme (Photo: VNA)
The Department of Industry and Trade of Dak Lak province said that in the firstfour months of 2023, the locality exported about 165,000 tonnes of coffee beans,equal to that of the same period of the previous years. The high coffee price leadsto an increase in the export turnover. However, local farmers and businesseshave yet to benefit much from the growth.
Deputy Director of the provincial Department of Industry andTrade Huynh Ngoc Duong said that local coffee enterprises are still weak in termsof capital, human resources, while their capacity to participate in large markets remainslimited and linkages between them are not high.
In the coming time, the industry and trade sector will move tohelp solve limitations facing businesses. In addition, the province willcontinue to encourage product diversification and deep processing, createconditions for businesses to access loans, and focus on improving the role ofrelevant associations./.
The coffee industry of Vietnam is working to increase the value of raw coffee exports as low added value still makes up the majority of the product that is shipped overseas.
Global and domestic coffee prices are at high levels, providing opportunities for Vietnam to maintain a coffee export revenue of over 4 billion USD this year, a record set in 2022, while the global supply is narrowing down.
Despite being a key export item, earning billions of dollars each year, Vietnam’s coffee still lacks a national brand to enhance its value. Managers and businesses in the industry all agree on the need for a national brand.
The Central Highlands province of Gia Lai – one of Vietnam’s coffee growing centres - is striving to develop its specialty coffee brand by focusing on increasing the quality and value of products.
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Illustrative image (Photo: vneconomy.vn) 
The price of coffee bean has continuously increased, reaching the mark of 60,000 VND a kilogramme (Photo: VNA) 
