Coffee bean price continues to plummet

The price of coffee beans in the central highland provinces has continued to fall in the past month to VND37.8-38.3 million per ton as foreign news agencies predict a bumper harvest this year.

As of now, the price of coffee bean has dropped by VND1,000 per kilogram compared to that in mid-June, and nearly VND7,000 per kilogram compared to that in mid-March.

Continuous sharp fall in coffee price will possibly cause local coffee companies to suffer huge losses as they bought coffee when the price was still high. In addition, payment due date for bank loans is approaching closer.

However, even if firms accept losses, they will still fail to deliver enough coffee to fulfill contract requirements, as farmers decline to sell coffee when price drops.

By Duc Trung – Translated by Thuy Doan

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