The price hike is largely driven by tightening Arabica supply from Brazil—the world’s largest producer—as the country’s harvest season concludes. Meanwhile, farmers are holding back stock, anticipating further price increases.

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

At the beginning of the week, coffee prices continued their downward trend, averaging at 118,400 VND (4.75 USD) per kilo in the Central Highlands - the largest coffee growing area in the country, according to giacaphe.com.

Vietnam's coffee exports has topped 3 billion USD so far this year.

Coffee prices continued to rise sharply on June 5, ranging from 122,000 - 123,500 VND (4.8-4.86 USD) per kilogramme in the Central Highlands – the largest coffee growing area in the country.

After reaching all-time high of over 130,000 VND (5.1 USD) per kg, domestic coffee prices have dropped sharply in recent days.

The prices of Vietnamese coffee are forecast to continue to increase next year due to severe supply shortage, according to the Vietnam Coffee-Cocoa Association (Vicofa).

Thanks to a trend of hiking in coffee prices, experts have predicted that this year’s coffee export revenue may exceed last year’s record of 4 billion USD.

Thanks to a trend of hiking in coffee prices, experts have predicted that this year’s export revenue of this product may exceed last year’s record of 4 billion USD.

Global and domestic coffee prices are at high levels, providing opportunities for Vietnam to maintain a coffee export revenue of over 4 billion USD this year, a record set in 2022, while the global supply is narrowing down.

Coffee prices in Vietnam have experienced a gradual incline in tandem with the global trend, but the stocks of local coffee producers have remained stagnant, displaying limited liquidity and extended periods of inactivity.

Vietnam shipped 889,000 tonnes of coffee overseas for more than 2 billion USD in the first five months of 2022, up 24.2 and 54 percent year on year, respectively.

Although ranking second in the world, Vietnam's coffee exports are plummeting.

Vietnam exported nearly 690,000 tonnes of coffee for 1.3 million USD in the first four months of 2018, up 17.2 percent in volume and down 0.1 percent in value from a year ago.

The 2017-18 coffee crop is expected to yield around 1.4 million, which is equal to or slightly lower than last year’s harvest, according to the Vietnam Coffee and Cocoa Association.

Coffee prices in Vietnam have reached the highest level in six years owing to the shortage of export-qualified beans after the harvest was hit by rains.

Vietnamese coffee price hit a near 11 month high this week in wake of the global price hike.