Vietnam coffee sector witnessed significant harvest in 2024 amid strong demand dynamics

Vietnam’s coffee industry achieved marked a record-breaking harvest and rising export prices. Exports reached 1.24 million tonnes, positioning coffee as the third most valuable agricultural product after vegetables and rice, with export turnover exceeding $5.2 billion, according to official data from the Ministry of Agriculture and Rural Development.

A key factor driving this success was the significant increase in export prices. Among Vietnam’s major agricultural exports, coffee experienced the highest price surge in 2024, as reported by the Ministry of Industry and Trade. While the export volume over the first 11 months of the year declined by 14% compared to the same period in 2023, export turnover grew by more than 35% due to record-high prices.

In October, the average export price peaked at $5,720 per tonne, a historic milestone and 59% higher than the same month in the previous year. Although the price slightly dipped to $5,580 per tonne in November, the average export price for the first 11 months of 2024 was over $4,000 per tonne, reflecting a 57% year-on-year increase.

Industry experts noted the unprecedented nature of the year for Vietnamese coffee. Robust price increases at times pushed robusta coffee prices above those of arabica, with robusta prices on the London trading floor surpassing $5,000 per tonne for the first time.

Vietnamese coffee exports reached over 80 countries and territories, with key markets including Germany, Italy, the United States, Belgium, and Japan. Industry leaders see significant potential for future growth, with export revenues potentially reaching $10 billion. Efforts to enhance the value of Vietnamese coffee include leveraging free trade agreements, promoting high-quality coffee, increasing trade promotions, and providing businesses with market intelligence.

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Looking ahead, Vietnam is well-positioned to capitalize on opportunities in the EU market, the world’s largest coffee importer. The upcoming EU Regulation on Deforestation-free Products (EUDR), set to take effect in December 2025, requires proof that agricultural products do not contribute to deforestation. Vietnam’s readiness to meet these stringent requirements is expected to provide an advantage in exporting to the EU market.