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| Illustrative image (Photo: VNA) |
The average coffee export price in 2023 was 2,834 USD per tonne, an increase of 14.1% compared with the previous year.
Vietnam’s coffee industry benefited from a hike in Robusta coffee price. The price of Robusta in the world market hit a 28-year peak at the end of 2023 due to low inventories and sale restrictions.
The price of Robusta coffee is forecast to continue increasing in 2024, even reaching a new peak due to concerns about supply shortages.
According to the Vietnam Coffee-Cocoa Association (Vicofa), Vietnam’s coffee production for the 2023-2024 crop will decline to 1.6-1.7 million tonnes, lower than 1.78 million tonnes in 2022-2023.
This year, Vietnam is focusing on solutions to promote the sustainable development of the coffee industry, including ensuring origin traceability and meeting the European Union deforestation regulation (EUDR).
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