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The Ministry of Agriculture and Rural Developments estimates that each year Vietnam produces about 1.4 million tons of bananas, and a huge proportion of that reaches the Chinese market.
After a couple of months doubling or even tripling 2015 figures, the price of banana exports is on a downward spiral.
A banana trader from the southern province of Dong Nai told VnExpress that in the first quarter, his company received export orders worth around VND14,000 ($0.63) per kilogram, but that figure has fallen to about VND7,000 ($0.3) per kilogram.
“The majority of Vietnamese bananas are exported to China because it doesn’t have strict quality standards. During the first few months of the year, China was in need of bananas so our exports rose along with the price.”
“In the second quarter, China started harvesting its own banana crops so our prices have tumbled,” he added.
Banana traders across the country are in the same situation.
Tran Van Can, a trader from the northern province of Hung Yen, said that export prices have fallen to VND6,000 ($0.27) per kilogram, adding that export contracts also declined significantly in the second quarter.
