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DAILY: Vietnamese coffee prices increased by 1000 VND on April 12, 2024 

 Friday, April 12,2024

AsemconnectVietnam - On Friday, Robusta coffee prices in Vietnam's Central Highlands, the country's largest coffee-growing area rose by 1000 VND to VND107,200 – VND108,100 per kg compared to Yesterday, according to Kinhtedothi.

Gia Nghia of Dak Nong provided the maximum price of VND108,100/kg, while traders in Lam Dong province offered the lowest price of VND107,200/kg. Robusta coffee increased to VND107,200 per kg in Bao Loc, Di Linh, and Lam Ha; to VND107,900 per kg - VND108,000 per kg in Dak Lak; to VND108,000 - VND108,100 in Dak Nong; to VND107,600 per kg in Kon Tum, and to VND107,500 - VND107,600 per kg in Gia Lai.
On April 11, during the expanded Executive Committee meeting of the Vietnam Coffee-Cocoa Association (VICOFA) in Ho Chi Minh City, Mr. Do Ha Nam, Vice Chairman of VICOFA and Chairman of the Board of Directors of Intimex Group, raised concerns about the rapid increase in coffee prices and coffee excessively high price levels which have resulted in intense competition and contract breakdown, tarnishing the reputation of the Vietnamese coffee industry.
According to Mr. Do Ha Nam, statistical data indicates that in March 2024, Vietnam exported approximately 185,281 tonnes of coffee, valued at US$680.86 million. Despite an 11.9 percent decrease in volume compared to the same period in 2023, there was a notable 41.1 percent increase in export value. Over the first six months of the 2023-2024 coffee crop season, Vietnam exported over 956,000 tonnes of coffee, with revenue exceeding $3 billion. Notably, Robusta coffee accounted for the majority of these exports, with over 825,000 tonnes, valued at $2.3 billion.
Nam noted that, in March 2023, domestic coffee prices stood at VND47,000 per kg. By October 2023, it climbed to VND58,000 per kg and, now reaches VND105,000 per kg. Such rapid and steep price hikes (nearly tripling) present significant challenges for businesses. Consequently, companies must mobilize substantial capital, but the credit limits offered by banks to enterprises have not increased. Furthermore, the swift rise in coffee prices poses high risks for purchasing agents who export through intermediaries and traders. Some purchasing agents and businesses in regions with coffee resources have failed to fulfill delivery obligations within the agreed-upon timeframe specified in purchasing contracts with processing and exporting enterprises, as well as foreign-invested enterprises, despite discussions between parties on risk-sharing, resulting in substantial losses for buyers and undermining the credibility of the Vietnamese coffee industry.
Following are domestic Robusta coffee prices on April 12, in Vietnam's Central Highlands:

T.Huong
Source:
 Vitic/Kinhtedothi

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