Vietnam: Agricultural product prices on November 28, 2022; coffee  reached 40,500 VND/kg and pepper was flat

On November 28, 2022, Vietnam saw a significant increase in the prices of key agricultural products, with coffee reaching a high of 40,500 VND/kg and pepper at 62,000 VND/kg. This surge is largely due to higher global demand and production challenges. Coffee prices fluctuated between 39,900 and 40,500 VND/kg across various provinces, driven by higher world market prices for Robusta and Arabica coffee. Meanwhile, pepper prices ranged from 58,500 to 62,000 VND/kg, recovering due to increased demand from China. This recovery is expected to persist as China continues to bolster its pepper purchases to offset the shortage resulting from its Zero Covid policy. However, Vietnam's pepper output is expected to decline by over 10% due to farmers shifting their focus to more profitable crops like durian. Korea's coffee imports have surged, with a notable increase in unroasted and decaffeinated coffee, primarily from Brazil. Concurrently, pepper imports have also risen, with China being the largest buyer. These market dynamics underscore the critical need for agricultural resilience and strategic sourcing to address the challenges of global demand and production risks.