Vietnam is witnessing a wave of exports in three agricultural commodities, benefiting producers with high prices.

For one, coffee is seemingly repeating the June 2023 pattern when exports diminished domestic supply with a corresponding price hike. A similar scenario is also staging around the currently pricey durian and rice in as early as February, 2024.

After a lull in November 2023, rice prices shot up by 6% while coffee by 4% in January 2024. Other commodities like mango notched up 8% in cost while fresh fish spiked by 6.7% due to Chinese demand.

Durian 20% Costlier

But it is durian that has risen the highest, with prices up by 20% since the start of 2024 from end 2023. Durian prices have now breached the 200,000-dong ($8.15) mark a kg at retail markets.

Consequently, farmers’ markets in Hanoi are now in a craze to lay their hands on the premium monthong variety. This cultivar of Thai origin that grows in Mekong Delta and south Vietnam is in high demand despite being off-season.  Besides, it currently sells at 200,000 dong ($8.15) a kg, the same as its highest price in 2023. 

Though Vietnam produces durian most of the year in two seasons, the peak months are April through July. The October through March season that is currently underway is a stopgap harvest, hence the supply glitch.

Prices of durian will likely stay out of reach because Thailand’s  and Malaysia’s seasons will be ending this March.

Rice Edges to $640/t

Vietnam’s rice farmers are not just basking in domestic prices but export prices as well, now at $640 a tonne. 

Locally known as ‘white gold’ due to productivity, rice is currently walking a tight rope as world demand exceeds supplies. This means that most of the grain is earmarked for export, causing a domestic price gain. 

Rice grows in two diverse ecosystems of Vietnam, namely the semi-tropical humid southern delta and the wintry northern region. The peak harvest is between August and September. 

The curving paddies and  terraces are a wonder to see during the harvest season in the picturesque rural terrain. 

Coffee To Hit 80m Dong/t

Rice aside, coffee export prices are set to exceed 80 million dong ($3,260) per tonne later in 2024. This is due to upshot international demand amid dry weather in Brazil, the world’s biggest Arabica exporter.

As one of the last bastions of robusta coffee in Asia, Vietnam now remains the importers’ target for raw beans. 

It is no wonder then that coffee farmers are smiling upon a broad price rise fluctuation of between 4 and 9%.

However, local buyers can take advantage of the just ended Lunar New Year holiday to land low prices. The holiday has seen prices momentarily dip to 79,200 dong ($3.23) a kg. This always happens at this time of the year when traders go home for the holiday, leaving the market wide open. 

In short, 2024 is already a handsome year for coffee, rice and durian farmers in Vietnam amid tight supplies.