The price of coffee beans has continuously increased and reached VND63,000 ($2.66) per kilo on June 8, the highest to date, according to the Vietnam Coffee Cocoa Association (Vicofa).

The Association said the increase was attributed to high demand while supply remains limited.

In the ten-year period from 2012-2022, the price of coffee beans stood at around VND35,000-40,000 ($1.47-1.69) per kilo.

However, since early 2023, the price began to surge, reaching VND43,000 ($1.81) per kilo on January 31. It then rose to VND50,000 ($2.10) on April 10 and VND60,000 ($2.53) on May 25.

Vicofa forecast that coffee exports over the remaining months of the year will continue increasing as demand is predicted to keep rising while supply will not improve.

In the first five months of the year, Vietnam exported 882,000 tons of coffee, earning $2.02 billion, figures from the General Department of Vietnam Customs show.

The result represents a fall of 2.2 per cent year-on-year in quantity but a 0.2 per cent increase in value.