During the 2023-2024 crop year, Vietnam exported 1.45 million tons of coffee, achieving a record turnover of nearly $5.4 billion. This marks a nearly 13% decrease in volume but a 33% increase in value compared to the previous crop year, as reported at the 2023-2024 coffee crop summary conference held in Ho Chi Minh City. Export prices have consistently risen over the past crop year, with coffee prices in Vietnam reaching their highest levels in three decades. This price surge has contributed to the decrease in export volume while significantly boosting overall revenue. While coffee prices have recently cooled, the market outlook for the upcoming 2024-2025 crop year remains uncertain.
Experts anticipate an increase in Vietnam’s coffee output in the coming years, as farmers have been investing more in their coffee gardens due to the elevated prices. Mr. Nguyen Quang Binh, a coffee market expert, noted that the Vietnamese coffee market and global market experienced unprecedented price fluctuations in 2024, benefiting farmers but causing considerable challenges for some businesses. The forecast indicates ongoing market volatility, prompting the coffee industry to adapt quickly to maintain sustainable growth.
Binh emphasized that the immediate focus for the Vietnamese coffee industry should be on addressing supply chain gaps and restoring trust with export partners. From the perspective of farmers, improving coffee quality should take precedence over expanding acreage to prevent oversupply. Furthermore, businesses should not only focus on purchasing and exporting raw materials but also actively invest in the processing and development of value-added products to ensure long-term sustainable growth.
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