Currently, some coffee farmers in the provinces of Da Lak, Dak Nong and Lam Dong, which are the primary coffee-growing regions in the country, have begun their harvest season. The purchasing price for coffee in these provinces is currently between VND116,500 and VND117,200 per kilogram.
In comparison to the historical peak price of 134,000 VND per kilogram recorded at the end of April 2024, the current coffee prices have cooled down. However, when compared to the price of VND 68,000 per kilogram at the end of 2023, the current price is nearly double.
According to Chairman Nguyen Nam Hai of the Vietnam Coffee and Cocoa Association, the recent surge in coffee prices can be attributed to several factors, including the impact of climate change and the El Niño phenomenon, which has caused drought conditions across coffee-growing regions worldwide, resulting in a decrease in supply.
Moreover, military conflicts in the world have driven up shipping rates and a myriad of other costs.
In addition, many global financial speculators have chosen coffee as an investment, which is a significant factor influencing the price of this commodity.
