The economy receives good news at the end of the year.

Workers at Phuc Sinh Joint Stock Company ( Binh Duong ) load sacks of produce into containers for export to the port – Photo: QUANG DINH

Rice, coffee, vegetables, pepper… are being exported at soaring prices this year, pushing agricultural export turnover to a new milestone.

According to the Ministry of Agriculture and Rural Development , in the past 10 months, the total export value of the agricultural sector reached nearly 52 billion USD, an increase of more than 20% compared to the same period last year. It is projected that agricultural export value could reach 62 billion USD this year, a record high.

Durian and coffee growers are happier than during Tet (Lunar New Year).

Having grown durian for nearly five years, Mr. Nguyen Muoi's family ( Tien Giang province) has never been as excited as in 2024.

Mr. Mười recounted that the peak durian season in the Mekong Delta is April and May. "During that season, I made quite a lot of money and put it in the bank savings."

There is little investment left for replanting. Now, the Mekong Delta has off-season durian, and traders have already placed orders since the beginning of September.

"I have over 100 Musang King and Ri6 durian trees, and traders are constantly coming and going. The price of durian has increased, and not only I, but all the durian growers are very happy," Mr. Mười shared.

While Mr. Mười harvested nearly 40 tons of durian during the main season, at a price of 120,000 VND/kg, resulting in a profit of nearly 4 billion VND after deducting all expenses, he stated that the off-season durian harvest was about one-third of the main season's yield, but with current prices of 140,000-150,000 VND/kg, he could potentially earn an additional 2 billion VND in profit.

Ms. Bui Thi Cham, director of Truong Tho 2A Fruit Tree Cooperative (in Can Tho City), said that increased imports of durian, especially from China, have led to a sharp increase in both durian production and prices.

"This year, the price of durian sold by farmers at the orchard is the highest ever. Therefore, durian growers are reaping huge profits. Especially those households with off-season durians are making very large profits, sometimes even double their earnings," said Mrs. Cham.

Besides durian, coffee also experienced a record 10 months of unprecedented exports. Ms. Pham Thi Thuong (Dak Nong province), who owns nearly 15 hectares of coffee, said that in the past two seasons, the coffee harvest has been bountiful and prices have been good.

“Compared to the 2022 harvest, both prices and yield were sluggish. But the 2023 and 2024 coffee harvests were bountiful, yielding about 3.5 – 3.8 tons/ha. At times, the selling price reached nearly 126,000 VND/kg. After deducting expenses, coffee growers could earn a profit of over 350 million VND per hectare. Traders came and went constantly. Farmers were happy because of the good harvest and the money,” Ms. Thuong shared.

Meanwhile, rice farmers in the Mekong Delta continue to be overjoyed by the high rice prices. Ms. Nguyen Thi Thu, a rice farmer in Dong Thap province, said about her income: “The price of rice in the autumn-winter crop ranges from 7,500 to 7,800 VND/kg. We will earn over 30 million VND/ha after deducting expenses. Compared to the main summer-autumn crop, this is more than satisfactory.”

According to the leaders of the Vietnam Food Association, 2024 was a year in which rice farmers were able to sell their produce at good prices across all three seasons thanks to a favorable export market and high prices.

Even pepper farmers were surprised by the price increase. Ms. Pham Thi Tuong Van, a pepper farmer in Xuan Loc district (Dong Nai province), shared: “At the beginning of 2024, pepper was only priced at 60,000 – 70,000 VND/kg, but at one point it reached 180,000 VND.”

Even though the current price is over 144,000 VND/kg, it's still very high. Pepper growers have never witnessed such a tremendous increase. Farmers are making profits and are confidently investing. I've planted nearly 2 more acres of pepper because I have confidence in both global and domestic demand.”

In the first 10 months, pepper exports reached $1.12 billion, an increase of over 48% compared to the same period last year, with an average export price of $5,084 per ton, a 51.7% increase.

In the first 10 months of 2024, exports of agricultural, forestry, and aquatic products brought in nearly 52 billion USD – Source: Ministry of Agriculture and Rural Development – ​​Data: THAO THUONG – Graphics: N.KH.

Continue to expand the market.

According to the leader of a company among the top 20 largest pepper exporters in Vietnam, in addition to key markets such as the US, China, Japan, and the EU, it is necessary to boost agricultural exports to the Middle East, Africa, and South America.

"Businesses always need support in trade promotion, finding import partners, removing barriers imposed by other countries, and increasing official exports to reduce risks."

"The world's demand for Vietnamese agricultural products is always increasing, so we must focus on building brands for agricultural products to ensure sustainable exports, create trust with global consumers, and participate sustainably in the global value chain," the business leader observed.

As for seafood, the Vietnam Association of Seafood Processing and Export (VASEP) is accelerating its efforts in the final months of the year to achieve its export target of $2 billion (an increase compared to $1.8 billion in 2023).

The association believes that favorable conditions lie ahead, including strong growth in the US market and the recent announcement by the US Department of Agriculture that it will purchase more seafood, including catfish products.

"Vietnam still needs to boost exports to markets in the Middle East, China, the EU, etc., in addition to traditional markets," assessed Mr. Truong Dinh Hoe, General Secretary of VASEP.

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, Vietnam recently signed three more protocols on the export of frozen coconuts, durians, and crocodiles.

The ministry is currently coordinating with localities and businesses to promote and boost the export of agricultural, forestry, and aquatic products in the last two months of the year in order to further increase export turnover.

“The export target for the whole year of 2024 set by the Government is 54 to 55 billion USD. If exports in November and December only reach 5.5 billion USD each month, then total exports for 2024 could potentially exceed 62 billion USD. This would be the highest export result ever,” Mr. Tien said.

Even when prices rise, you still have to think about… a fallback plan.

Durian growers often reap significantly higher profits than those from other cash crops, but it's not always easy.

According to Mr. Nguyen Bao Nguyen (Buon Ho, Dak Lak), one hectare of durian trees can yield 7-10 tons.

However, durian cultivation requires significant investment, is prone to diseases, and, coupled with unfavorable weather conditions in 2024, suffered heavy losses in most growing areas of the Central Highlands due to the durian fruit becoming tough and fibrous.

Speaking to Tuổi Trẻ newspaper, Mr. Nguyen Dinh Tung – vice president of the Vietnam Fruit and Vegetable Association – confirmed that the problem of durian fruit becoming tough this year has caused losses for many farmers, and even for export businesses. However, overall, this is a crop that yields high economic returns, and many farmers have become wealthy.

Similarly, regarding current pepper prices, Mr. Hoang Phuoc Binh, vice chairman of the Chu Se Pepper Association (Gia Lai), confirmed that about 70-80% of farmers choose to sell when the price is below 100,000 VND/kg.

Therefore, the biggest beneficiaries are still dealers and businesses if they choose to stockpile. According to Mr. Binh, with the upcoming harvest season (December), if pepper prices remain at a good level, many farmers will benefit this year.

Many farmers have now started harvesting coffee and are choosing to sell fresh beans at a relatively high price: 20,000 VND/kg, 3-4 times higher than last year. Many businesses say their biggest concern is the fear of price fluctuations.

Massive planting of new crops when prices rise could easily lead to oversupply, driving prices down in the coming years.

In the first 10 months of the year, exports of 1.2 million tons of coffee generated $4.6 billion in revenue. (Photo: Coffee plantation in Dak Lak - Photo by Nguyen Khanh)

New records

According to Deputy Minister of Agriculture and Rural Development Phung Duc Tien, the export turnover of agricultural, forestry and aquatic products in the first 10 months of this year reached 51.74 billion USD, an increase of 20% compared to the same period last year, and the agricultural sector had a trade surplus of approximately 15.2 billion USD, a strong increase of over 62% compared to the same period in 2023.

Notably, many exported agricultural products are competing to set historical records.

For example, in the first 10 months of the year, Vietnam exported 1.2 million tons of coffee – although the volume decreased by nearly 11% compared to the same period last year, thanks to record-high export prices, it earned $4.6 billion.

Similarly, rice exports in the first 10 months of the year reached $4.86 billion – surpassing the record for the whole year of 2023 ($4.68 billion). Thus, in 2023 Vietnam exported 8.13 million tons of rice and earned $4.68 billion, but in the first 10 months of this year, it has already exported 7.8 million tons.

In the last two months of the year, rice exports could reach over 8 million tons. "India has just resumed rice exports, but our fragrant rice and premium rice segments are selling at high and stable prices, which is very encouraging," Mr. Tien said.

Similarly, fruit and vegetable exports increased by over 30% compared to the same period last year, earning $6.34 billion in the first 10 months, thanks in part to the booming durian export season.

According to the Ministry of Agriculture and Rural Development, fruit and vegetable exports in the first 10 months of this year not only increased sharply in the Chinese market, but export value also increased in 14 out of 15 main export markets, with the strongest increase in the Thai market (87%).

Mr. Dang Phuc Nguyen, General Secretary of the Vietnam Fruit and Vegetable Association, said that this was a year of great success for the fruit and vegetable industry, a result partly due to the strong increase in import demand from China.

According to Mr. Nguyen, in the last two months of the year we will continue to export off-season durian while other countries have no supply.

In addition, other fruits also benefit from the arrival of winter, a time when many countries face difficulties in harvesting, while Vietnam maintains favorable conditions for growing fruits and vegetables.

In particular, the advantage of road, sea, and rail connections with China helps save on transportation costs and time. "At this rate, fruit and vegetable exports could reach $7.5 billion – an unprecedented record," Mr. Nguyen predicted.