Logo of Phnom Penh Post newspaper Phnom Penh Post - VN pepper prices skyrocket

VN pepper prices skyrocket

Content image - Phnom Penh Post
Pepper prices in Vietnam rose to a one-year high last week. VIETNAM NEWS AGENCY/VIET NAM NEWS

VN pepper prices skyrocket

Pepper prices in Vietnam rose to a one-year high last week, driven by Chinese consumption recovery and higher demands from local businesses.

Farmers in the Central Highlands and the south of Vietnam sold pepper at 48,000-50,000 dong ($2.08-2.17) per kg on Wednesday, depending on the location, a 26.6-31.1 per cent increase from last month, reported tintaynguyen.com.

The price in Ba Ria-Vung Tau province reached 50,000 dong, the highest since January last year.

Domestic pepper prices have surged in the last few weeks because the Chinese market has recovered from the deadly Covid-19 pandemic, and local companies have stepped up buying to fulfil their contracts.

Vietnam Pepper Association (VPA) president Nguyen Nam Hai said: “Recently, pepper prices have increased. There are several reasons for this improvement. Firstly, Covid-19 in China is basically over, so demands from Chinese customers are higher.

“Secondly, many local businesses sold their stock before the contracts were due, so now they are rushing to buy pepper from farmers to meet demands from their customers,” said Hai

With the surging prices, farmers have stopped selling their stock, pushing prices even higher, he added.

However in the long term, the pepper prices are unlikely to see a spike like this because of a global supply glut.

Hai said: “In general, since 2014, Vietnam and many countries such as Brazil and Cambodia have expanded production areas.

“While global annual production growth is around eight per cent, consumption growth is just around two per cent. So in the long term, pepper prices are unlikely to increase like they used to.”

Ministry of Industry and Trade data shows that Vietnam has about 100,000ha of pepper area with capacity of 247,000 tonnes.

Coffee in the Central Highlands, Vietnam’s largest coffee-growing area, also witnessed growth of around eight per cent compared to last month to 31,600-32,000 dong per kg on Wednesday.

VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • Wing Bank opens new branch in front of Orkide The Royal along Street 2004

    Wing Bank celebrates first anniversary as commercial bank with launch of brand-new branch. One year since officially launching with a commercial banking licence, Wing Bank on March 14 launched a new branch in front of Orkide The Royal along Street 2004. The launch was presided over by

  • Girl from Stung Meanchey dump now college grad living in Australia

    After finishing her foundational studies at Trinity College and earning a Bachelor’s degree from the University of Melbourne in 2022, Ron Sophy, a girl who once lived at the Stung Meanchey garbage dump and scavenged for things to sell, is now working at a private

  • Ministry using ChatGPT AI to ‘ease workload’; Khmer version planned

    The Digital Government Committee is planning to make a Khmer language version of popular artificial intelligence (AI) technology ChatGPT available to the public in the near future, following extensive testing. On March 9, the Ministry of Post and Telecommunications revealed that it has been using the

  • Wat Phnom hornbills attract tourists, locals

    Thanks to the arrival of a friendly flock of great hornbills, Hour Rithy, a former aviculturist – or raiser of birds – in Kratie province turned Phnom Penh tuk tuk driver, has seen a partial return to his former profession. He has become something of a guide

  • PM urges end to ‘baseless’ international Ream base accusations

    Prime Minister Hun Sen urges an end to “baseless” foreign accusations surrounding the development of the Kingdom’s Ream Naval Base, as the US has consistently suggested that the base is being expanded to accommodate a Chinese military presence. Hun Sen renewed his calls while

  • Almost 9K tourists see equinox sunrise at Angkor Wat

    Nearly 9,000 visitors – including 2,226 international tourists – gathered at Angkor Wat on March 21 to view the spring equinox sunrise, according to a senior official of the Siem Reap provinical tourism department. Ngov Seng Kak, director of the department, said a total of 8,726 people visited Angkor Wat to