Coffee prices in the domestic market today (June 21st) decreased by 300 VND/kg. Accordingly, the lowest trading price among localities is 66,200 VND/kg, which continues to be recorded in Lam Dong province.
Domestic coffee price update
According to a survey conducted at 8:50 AM, the price of coffee today decreased by 300 VND/kg.
According to reports, localities are currently purchasing coffee at prices ranging from 66,200 to 66,900 VND/kg.
Of these, Lam Dong province had the lowest price at 66,200 VND/kg. Next was Gia Lai province with a price of 66,400 VND/kg.
At the time of the survey, the purchase price in Dak Lak province was 66,700 VND/kg.
Dak Nong recorded a transaction price of 66,900 VND/kg - the highest among the surveyed localities.
| Market | Medium | Change |
| Dak Lak | 66,700 | -300 |
| Lam Dong | 66,200 | -300 |
| Gia Lai | 66,400 | -300 |
| Boeing Nong | 66,900 | -300 |
| USD/VND exchange rate | 23,320 | 0 |
Unit of measurement: VND/kg
Exchange rate according to Vietcombank.
Coffee price trends from January to June 21st. (Compiled by Anh Thư )
World coffee price update
According to reports, coffee prices on the world market have decreased. Specifically, the online price of robusta coffee in London for July 2023 delivery was recorded at $2,807 per ton after a decrease of 0.92% (equivalent to $26).
Arabica coffee futures for July 2023 delivery in New York were at 177.45 US cents per pound, after falling 4.03% (equivalent to 7.45 US cents) at 6:55 AM (Vietnam time).
Photo: Anh Thu
The EC has just introduced a bill to ban the import of agricultural products whose production processes lead to deforestation.
Specifically, the new EU regulations on deforestation require companies to ensure that products sold in the European Union (EU) do not lead to deforestation and forest degradation.
The products subject to the new regulations include coffee, palm oil, soybeans, wood, livestock, cocoa, and rubber (including derivative products containing, raised on, or produced from products manufactured on land originating from deforestation and deforestation) imported into the EU from countries after December 31, 2020. Any products in the above categories linked to deforestation will be banned from import into the EU.
The new regulations will introduce new mandatory requirements by the end of 2024. With little time left before the official implementation of the bill banning the import of goods related to deforestation in European countries, Vietnam must accelerate the dissemination and enforcement of these regulations.
VICOFA notes that coffee is a major and stable export item to the EU, currently accounting for approximately 42% of Vietnam's annual coffee exports. To maintain stability and prevent fluctuations in the EU coffee export market share, the Vietnamese coffee industry needs to comply with the regulations on deforestation and forest degradation adopted by the European Council and effective from May 16, 2023.
According to the Sustainable Trade Initiative (IDH), Vietnam currently has approximately 1.3 million coffee-growing households, with the majority cultivating 0.5 hectares or less across 11 coffee-growing provinces.
This land is actually cultivated legally, not on land that has been deforested or degraded, but proving its origin according to regulations is not easy.
The Ministry of Agriculture and Rural Development believes that EU regulations on combating deforestation and forest degradation for agricultural production, including coffee, present both challenges and opportunities for restructuring agricultural products and demonstrating to the world that Vietnam is truly pursuing green growth.
In addition, requirements for traceability and transparency of agricultural product origins are essential demands from the market, including the EU market.
The Ministry requested the Department of International Cooperation to promptly submit to the Minister a framework for action to implement this EU regulation; and suggested that the Ministry's advisory agencies adjust the framework for action, solicit opinions from associations and industries, in order to soon have an implementation program that is consistent with the new European regulation.
The action plan needs to strengthen communication so that relevant agencies and farmers understand EU regulations on combating deforestation and forest degradation in agricultural production, including coffee; and clearly define the responsibilities of the Ministry of Agriculture and Rural Development, local authorities, and the people in implementing EU regulations.
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