Vietnam is known as one of the world’s leading producers and exporters of coffee, however, it took nearly a century for coffee exports to surpass the US$5 billion mark for the first time in 2024.

Coffee prices have increased by over 50% on average this year, enabling the export revenue to potentially surpass US$5 billion for the first time.

Vietnam’s agricultural product exports are on track to achieve an unprecedented milestone, with projected revenue reaching US$60-61 billion this year, up US$7-8 billion compared to 2023.

Coffee export revenue is projected to reach a record US$5.6 billion this year, driven by rising global coffee prices.

VOV.VN - Vietnam exported 1.15 million tonnes of coffee worth US$4.57 billion during the past 10 months of the year, a drop of 11.1% in volume but up 39.2% in value compared to the same period last year, according to the General Department of Vietnam Customs.

A sharp rise in export prices has been the major reason behind a surge in the export revenue of Vietnamese coffee sector so far, according to the Vietnam Coffee-Cocoa Association (Vicofa).

Vietnam’s coffee exports exceeded the US$5 billion mark for the first time in the 2023-2024 crop year that lasted from October 1, 2023 to September 30, 2024.

The Vietnamese Embassy in Italy, in collaboration with Italian and Vietnamese partners, organised a forum on connecting the coffee industries of the two countries on October 9 as a key event during the ongoing Vietnam-Italy Coffee Day in Turin city.

Coffee export turnover to most traditional markets has increased sharply since the beginning of the year.

The average export price of Vietnamese coffee to the UK in the first half of 2024 reached US$3,941 per tonne, marking an increase of 68.4% year-on-year.