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Coffee is one of the most important agricultural products in Vietnam, and Tay Nguyen is the country’s largest coffee-producing region. In 2023, coffee prices in Tay Nguyen were high for both domestic and export markets.
Domestic prices
The average price of Robusta coffee beans in Tay Nguyen in 2023 was VND 59,800 – 60,700 per kilogram, up 4% from the previous month and up nearly 50% from the same period last year. This was a record high price for coffee in Tay Nguyen.
The high domestic prices were due to a number of factors, including:
Export prices
The average export price of Robusta coffee from Vietnam in 2023 was USD 2,573 per tonne, up 12% from the previous year. This was also a record high export price for Vietnamese coffee.
The high export prices were due to the same factors that drove up domestic prices, as well as:
Outlook for 2024
Coffee prices in Tay Nguyen are expected to remain high in 2024. The International Coffee Organization (ICO) has forecast that global coffee production will be down in 2024, due to adverse weather conditions in Brazil and other major coffee-producing countries. This is expected to lead to increased demand for Vietnamese coffee, driving up prices.
The high coffee prices in Tay Nguyen are a boon for coffee farmers and the Vietnamese economy as a whole. Coffee is a major source of income for millions of people in Tay Nguyen, and the high prices are helping to improve their livelihoods. The high prices are also generating significant export revenue for Vietnam, helping to support the country’s economic growth.
