With record-high cocoa bean prices, many candy companies are struggling to stay afloat in Vietnam. Africa is responsible for nearly 75 percent of the world's cocoa bean production, and supply cuts from this region have been a key factor driving up cocoa prices globally. Cocoa bean prices on the riseThe price of fresh cocoa beans in Vietnam's Central Highlands has tripled over the past year, with farmers now selling them for between VND11,500 (US$0.46) and VND13,000 ($0.52) per kilogram. Many firms believe that more manufacturers worldwide are turning to Vietnam for cocoa bean supply given severe shortages in Africa. In 2022, Vietnam churned out 5,300 tonnes of cocoa beans across approximately 3,400 hectares.

Source: Tuoitre News October 10, 2024 14:55 UTC