Positive signs for Vietnam's pepper industry.

The domestic pepper market is showing positive signs as pepper prices continue their slight upward trend in recent days. According to reports, on October 20, 2024, pepper prices in key producing regions adjusted upwards compared to the previous day, trading around 143,000 – 144,500 VND/kg.

In the Central Highlands, the heartland of Vietnam's pepper production, the price of Dak Lak pepper is being purchased at 144,500 VND/kg, an increase of 1,000 VND compared to yesterday. The price of Chu Se pepper (Gia Lai) is being purchased at 143,000 VND/kg, unchanged from yesterday. The price of Dak Nong pepper today is recorded at 144,500 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, today's pepper prices (October 20, 2024) did not see much adjustment compared to yesterday. Specifically, in Ba Ria - Vung Tau, the price is currently at 143,500 VND/kg, an increase of 500 VND/kg. In Binh Phuoc, today's pepper price is at 143,000 VND/kg.

This growth is a welcome sign for Vietnam's pepper industry, as after years of decline, pepper prices are gradually recovering. The main reasons for this recovery are due to several contributing factors, including:

Firstly, global demand for pepper is increasing. According to the International Pepper Association (IPC), the price of Indonesian Lampung black pepper reached US$6,794/ton; Muntok white pepper reached US$9,302/ton. Brazilian ASTA 570 black pepper was priced at US$6,400/ton. Malaysian ASTA black pepper remained stable at US$8,700/ton; its ASTA white pepper reached US$11,200/ton. Vietnamese black pepper today traded at US$6,500/ton for the 500 g/l variety; US$6,800/ton for the 550 g/l variety; and white pepper at US$9,500/ton. This indicates an upward trend in the global pepper market, providing impetus for domestic pepper prices.

Pepper price forecast for October 21, 2024: Optimistic signs for Vietnam's pepper industry.

Secondly, domestic demand for pepper is also expected to increase sharply in the near future, especially as the Lunar New Year approaches. Pepper is an indispensable spice in traditional Vietnamese dishes, so consumption will increase significantly during this time.

Thirdly, Vietnamese pepper exporting businesses are stepping up raw material procurement to meet increasing export demand. This is also putting pressure on domestic pepper prices.

However, it should be noted that pepper prices can fluctuate unpredictably due to various influencing factors. Farmers need to closely monitor the market and develop appropriate production strategies to ensure profitability. In addition, controlling pepper quality and promoting the application of technology in production are also essential to enhance product value and competitiveness in the market.

With current positive signs, the Vietnamese pepper industry has the opportunity to recover and develop sustainably. However, to ensure success, close coordination between the government , businesses, and farmers is necessary.

Several solutions need to be implemented to improve the efficiency of Vietnamese pepper production: Promoting crop restructuring, focusing on high-quality, stable-yielding pepper varieties. Investing in the development of infrastructure serving pepper production and processing. Enhancing the production and processing capacity of farmers. Building a Vietnamese pepper brand in the international market.

With the right solutions, the Vietnamese pepper industry has great potential to become a key export sector, bringing economic benefits to farmers and making a positive contribution to the overall development of the country.

*This information is for reference only.

Source: https://congthuong.vn/du-bao-gia-tieu-ngay-21102024-dau-hieu-lac-quan-cho-nganh-ho-tieu-viet-nam-353638.html