Hanoi: In response to a sharp increase in cocoa prices worldwide, importers are increasingly turning their attention to Vietnam, where burgeoning cocoa regions are seeing significant growth in production.
According to Vietnam News Agency, the recent spike in cocoa prices has been dramatic, with the cost of fresh cocoa pods in Vietnam reaching 12,000 VND (approximately 0.48 USD) per kilogram, which is three to four times the price seen in previous years. This surge is primarily due to a substantial shortfall in the supply of cocoa from traditional sources in West Africa and South America, a situation exacerbated by the impacts of climate change on these regions.
The ongoing global demand for cocoa-based products has not waned, despite the supply challenges. This mismatch between supply and demand has led to a beneficial market for cocoa farmers in Vietnam, who are experiencing higher earnings than ever before. The shift in focus from traditional cocoa-producing regions to newer ones like Vietnam is seen as a
strategic move by importers to stabilize supply chains and meet the continuous market demand.
This development is seen as a potential turning point for the cocoa market dynamics, positioning Vietnam as a key player in the global cocoa industry.