Vietnam, November 7, 2023 - Today's pepper prices in Vietnam have raised concerns, prompting a search for sustainable solutions to maintain the country's dominant position in the global pepper market.

Pepper prices on November 7th range between 65,500 and 68,000 Vietnamese dong per kilogram. Factors like the strong US dollar, global inflation, stagnant exports, and domestic capital shifting towards coffee production are pressuring pepper prices.

In provinces like Dak Lak and Dak Nong, pepper is being purchased at 67,000 dong per kilogram, while in Gia Lai, it's 65,500 dong per kilogram. In Dong Nai, the price is 66,000 dong per kilogram, and in Ba Ria - Vung Tau province, it has reached 68,000 dong per kilogram. In Binh Phuoc province, it's being purchased at 67,500 dong per kilogram.

Today's pepper prices remain stable compared to the same time yesterday. However, the challenge is more long-term. Global pepper production is declining, except for Vietnam, which is a notable exception. The forecast for 2024 predicts a further decline due to various factors.

Vietnam has already exceeded its 2023 pepper export targets, partly due to reduced imports and surplus stock from the previous year. It is anticipated that in the final two months of the year, Vietnam will export over 30,000 tons, pushing the total annual export volume for 2023 to an estimated 250,000 tons. Consequently, carryover stocks into 2024 are projected to be at their lowest level in recent years.

To maintain its dominant position in the global pepper market, Vietnam is shifting its focus towards sustainable organic pepper farming, aiming to enhance production. In response to environmental concerns and market demand, a growing number of farmers in key provinces are transitioning to organic pepper farming, aligning with international market trends.

According to Kinhtedothi