Peanut prices have dropped.

Peanuts are in harvest season, but prices have plummeted to 20,000 VND/kg, or even 17,000 VND/kg. At this price, after deducting investment costs and labor expenses for harvesting, farmers are essentially making no profit.

Ms. Chi called traders to buy peanuts, but the price was too low, so she couldn't sell them.

In recent days, Ms. Ngoc Chi, from Thuan Minh commune, Ham Thuan Bac district, has been anxiously waiting for her peanut crop, which is now ready for harvest. She has been constantly calling traders, but they are offering very low prices, only 17,000 VND/kg. According to Ms. Chi, at this price, she cannot sell because she cannot recoup her investment, as the costs are high, including hiring laborers to harvest and clean the peanuts before delivery, as well as the cost of fertilizer, seeds, and irrigation. “If the price were around 20,000 - 21,000 VND/kg, I could still recoup some of my investment and continue investing for the next crop. In previous years, the price was 22,000 - 25,000 VND/kg, but this year it has dropped significantly,” Ms. Chi added.

However, some households were luckier, selling their peanuts for 20,000 VND/kg to restaurants and wedding venues. Ms. Phan Thi Bay's household in Hong Son commune and others in Ham Duc commune are typical examples. Mr. Nguyen Quoc Dung in Hamlet 7, Ham Duc – a peanut buyer who distributes peanuts everywhere, including Phan Thiet City – said that peanut sales are slower this year compared to last year, and not just peanuts, but other agricultural products as well. In Ham Duc, people used to grow a lot of peanuts, but in recent years some have switched to growing Siamese coconuts, but coconut sales are also slow, Mr. Dung added.

Besides, Hong Son commune also has a large number of peanut growers, with an area of over 20 hectares out of the commune's total 55 hectares of crops. Many farmers in hamlets 1 and 2 have been harvesting peanuts, but mainly sell them at 20,000 VND/kg. Ms. Pham Thi Luu - Chairwoman of the Hong Son Commune Farmers' Association - said that peanuts are not a concentrated crop, scattered among residents in hilly and flat areas. People plant them not according to season, mainly rotating with other crops, so the harvest time will fall at different times, and the selling price will also vary. Harvesting at this time sells for only about 20,000 VND/kg, sometimes even lower. Many households, seeing that traders are offering low prices that don't cover investment costs, harvest and dry the peanuts to sell later. In other districts and towns such as Bac Binh, where Hoa Thang commune grows a lot of peanuts, people are preparing for harvest. Upon investigation, it was found that not only peanuts but also other agricultural products have experienced unstable market conditions in recent years.

The recurring cycle of bumper harvests leading to price drops, or vice versa, has become a common concern for farmers in recent years. They have repeatedly raised this issue during meetings with constituents and annual forums, hoping to resolve their difficulties. However, in the context of numerous challenges and difficulties, especially regarding the consumption of agricultural products amidst increasingly deep international economic integration, farmers need to improve their knowledge of science and technology, as well as market trends, to cultivate crops that meet demand and increase their income.

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