Coffee prices in Vietnam are forecast to reach VND100,000 (US$4.04) per kilogram in the near future due to a global supply shortage.

The price of coffee in the Southeast Asian nation climbed to VND90,000 ($3.6) per kilogram on Thursday, up from VND43,000 ($1.74) per kilogram in February 2023.

Particularly, in the Central Highlands province of Dak Lak, coffee traded at VND90,000 on Thursday, up VND1,500 ($0.06) from Wednesday.

Neighboring Dak Nong Province sold coffee at VND90,100 ($3.65) per kilogram the same day.

In the global market, robusta coffee prices jumped by $104 - 129 per metric ton on Thursday.

Meanwhile, the price of Arabica coffee in Brazil stood at $234.4 per metric ton.

In February last year, domestic coffee sold for VND42,000 ($1.70) - VND43,000 ($1.74) per kilogram.

Many local firms predicted that domestic coffee prices would keep rising due to the world’s thirst for the bean.

Meanwhile, the El Nino weather phenomenon has been hitting Indonesia, bringing coffee yields in the nation down.

Also, coffee output in Vietnam has reduced to 1.6 million metric tons from nearly 1.8 million metric tons per year.

Vietnam exported coffee worth $1.38 billion between January and February, a year-on-year surge of 85 percent, according to the General Department of Vietnam Customs.

The sharp increase in coffee export value was attributed to a jump in export prices.

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