Thong told VietNamNet that Phuc Sinh, which has been trading coffee for the last 25 years, has never seen such high demand and number of orders.

The coffee price surged by 320 percent throughout the crop, yielding good profits for farmers. 

Meanwhile, exporters and buyers worldwide have faced difficulties because of high prices and short supply.

The same is occurring with pepper. Just within three weeks, the pepper price increased by twofold, surprising global buyers. Businesses also say they cannot understand why the prices have soared so rapidly. 

“Foreign importers have flocked to Vietnam. We receive several groups of buyers each day, from Monday to Saturday,” Thong said.

Phuc Sinh is selling coffee to clients from the Middle East and Europe. In mid-April, Phuc Sinh sold out its Honey and Natural Specialty product within two days of the trade fair in April in Chicago in the US.

“Phuc Sinh’s products have been selling very well thanks to high quality and convenient transport conditions,” he explained.

Nguyen Dinh Tung, CEO of Vina T&T Group, said that Vietnam saw a boom in vegetables and fruit exports last year, and exports continue to increase rapidly with many kinds of fruits entering new markets.

As for T&T, the company saw its revenue increase by 16 percent in the first half 2024 over the same period last year.

“There are plentiful orders. What concerns us the most is the hot and unpredictable weather which may lead to sharp rise in vegetable and fruit prices. If so, we won’t be able to collect enough products to fulfil export orders,” he said.

Regarding durian exports to China, Tung said more and more orders are coming, but his company is not exporting products en masse but will be more cautious. He plans to export 2,500 tons of fresh durian to China.

Historic records

The exports in large quantity in the first months of the year pushed up farm export turnover.

The Ministry of Agriculture and Rural Development (MARD) reported that total export turnover of the entire agriculture sector had reached $29.2 billion as of the end of June, up 19 percent over the same period last year. 

Of this, the exports of major farm produce brought $15.76 billion, up 24.4 percent, while the exports of major forestry produce were $7,95 billion, up 21.2 percent, and seafood $4.36 billion and 4.9 percent.

The ministry’s report showed that seven groups of products had export turnover of over $1 billion each. The sharpest growth rate has been reported for coffee with export turnover of $3.22 billion, up 34.6 percent, thanks to the 50.4 percent export price increase. 

Meanwhile, rice exports brought turnover of $2.98 billion, up 32 percent, cashew nuts $1.92 billion, up 17.4 percent, and vegetables and fruits $3.43 billion.

According to MARD, the US, China and Japan remain the three largest export markets for Vietnam’s farm, forestry and seafood products. 

Exports to the US increased by 20.8 percent, accounting for 20.7 percent of total export turnover of produce. The figures for China were a 9.5 percent increase, accounting for 20.2 percent of total turnover of produce, and for Japan, 5 percent and 6.7 percent, respectively.

MARD Deputy Minister Phung Duc Tien said in the second quarter, the ministry focused on the plan to promote exports to key markets approved in late 2023, and to open new export markets, including Halal market, the Middle East and Africa. The plan has helped increase export turnover.

Asked about the prospects for the last months of the year, businesses said there are many orders, but challenges exist, especially in the logistics sector, as sea shipping rates have doubled compared with earlier this year.

“Challenges will appear in the last six months. The supply of coffee, pepper and cashew nuts is on the decline, so prices will be at high levels,” Thong of Phuc Sinh predicted.

Tien said that targeted export turnover of $55 billion in 2024 is within reach.

Tam An