Vietnam is on track to achieve significant coffee export earnings in 2024, potentially reaching between US$4.5 billion to US$5 billion, according to the Vietnam Coffee-Cocoa Association (Vicofa). This optimistic forecast comes despite the country facing notable supply challenges. Recently, coffee in specialized farming areas was priced at approximately VND120,500 (US$4.7) to VND122,000 (US$4.8) per kilogram, driven by high transport costs and adverse weather conditions in major coffee-producing regions like Brazil. The Central Highlands province of Gia Lai is currently in the midst of its 2023-2024 coffee harvest. Data from the General Department of Customs indicated that in the first half of the year, Vietnam's coffee exports amounted to nearly 900,000 tons, generating about US$3.04 billion. This represents an 8% decrease in volume but a 38% increase in value compared to the same period last year. However, drought and pests have significantly impacted coffee productivity, leading to an estimated 20% decrease in output for the 2023-2024 crop year, the lowest in four years. Despite these challenges, Vicofa's prediction underscores the robust demand for Vietnam’s coffee, particularly Robusta, on the global market.
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