The price of young betel nuts in Quang Ngai, Dak Lak, and Can Tho is rising sharply, 4-5 times higher than last year, due to Chinese traders massively buying large quantities.
If at this time last year, the price of young betel nut was only about 10,000 VND/kg, the price now is 50,000–55,000 VND/kg thanks to the favorable export to China.
China massively buys young betel nuts from Vietnam.
Because of its good quality, young betel nut from Quang Ngai is always favored by traders. However, due to the great dependence on the Chinese side, the price is unpredictable.
Currently, in Dak Lak, traders are buying young betel nuts for 50,000 VND per kg. Meanwhile, in the north, such as Ha Nam and Bac Giang provinces, the price is 18,000–20,000 VND/kg.
In Can Tho City and many provinces in the Mekong Delta, the price of young betel nuts has increased sharply by 5,000–10,000 VND/kg and has been at a record high for many months. This price is 4-5 times higher than in the last months of 2023 and early 2024 because of the favorable export.
Chinese traders have been buying young betel nuts from Vietnam to make candy. Young betel nuts will be boiled, then dried and packed into bags to export to the Chinese market to make candy. This candy has a sweet, mildly spicy taste, like ginger candy. It has the uses of fighting sore throats and keeping the body warm, so it is very popular in China. However, the purchasing power is unstable, so the price always fluctuates unpredictably.
For many years, the Department of Crop Production (Ministry of Agriculture and Rural Development) and functional agencies have always advised farmers not to rush to plant and massively expand the area. Because betel nut is not a key crop, the high price is only “temporary” and does not follow market rules.