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Vietnam's coffee price plunges after harvests

HANOI - Coffee prices in domestic and world markets dropped drastically after Brazil and Indonesia harvested their crops, according to the Vietnam Coffee-Cacao Association.

In Vietnam's Central Highlands province of Dac Lac, one kilogram of coffee beans now sells for VND8,400-8,500 (US$0.53), compared with a price of VND8,600-8,700 per kilogram last week and VND9,100-9,300 per kilogram last month.

Meanwhile, the price of exported coffee in Ho Chi Minh City stands at $565-570 per tonne, down $30 per tonne from last month.

Coffee experts forecast that coffee prices in the world market will continue to decline due to large volumes of the product coming in from the current crop harvest and anticipated outputs of the upcoming one.

Vietnam expects to harvest about 15.8 million bags of coffee this year, a year-on-year increase of 14.4%.

(Asia Pulse/VNA)

Aug 18, 2004

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