Chili prices unexpectedly plummeted.
Over the past few days, chili prices have unexpectedly plummeted to only 18,000 VND/kg, whereas just over a month ago, traders were buying chili peppers at 55,000 - 60,000 VND/kg. At the current price, chili farmers are breaking even or making a profit of only about 3 million VND per 1,000 m2 (1 công), depending on the farming techniques of each household.
Ms. Cao Thi Suong, a farmer with 2,000 square meters of chili peppers in Binh Ninh commune, Cho Gao district (Tien Giang province), said that currently, chili peppers are only being bought at 18,000 VND/kg by local collection points, a drop of 25,000-30,000 VND/kg compared to last month. “There’s only about a month left until the end of the chili pepper season, but the price has been continuously falling these past few days, so we chili farmers don’t know what to do. Just yesterday, I sold a batch of chili peppers at 20,000 VND/kg, but today the price has dropped to 18,000 VND/kg,” Ms. Suong said.
According to many chili farmers, this season's chili yield is high, with an average harvest of about 1 ton per hectare (1,000 m2) in this area. Depending on cultivation techniques, the cost of growing chili ranges from 13,000 to 18,000 VND/kg. Therefore, with the current chili prices, chili growers can break even or make a small profit of about 5 million VND per hectare.
Chili peppers are grown twice a year, mainly the "bird's eye" variety because it's easy to cultivate and has a high yield. The first crop usually lasts from April to July. After that, farmers harvest the peppers, prepare the soil, and sow seeds for the second crop, aiming for a harvest about a month before the Lunar New Year. Each chili crop takes only about 100 days, with 70-80 days from sowing to harvesting, and the harvesting period lasting about a month.
Mr. Le Van Minh, from Binh Phuc Nhut commune, Cho Gao district, said that last month, his 3,000 m2 chili pepper crop yielded over 2 tons of chili peppers, selling at prices ranging from 35,000 to 55,000 VND/kg, resulting in a profit of over 50 million VND. Subsequent harvests only sold for 18,000-20,000 VND/kg, barely breaking even. According to Mr. Minh, the sharp drop in chili prices is due to many chili fields in the area entering their peak harvesting season, while the area planted with chili peppers in the province and neighboring provinces has increased significantly this season. Meanwhile, chili peppers are mainly exported to China, Cambodia, Thailand, South Korea, India, etc., but these markets are currently experiencing slower consumption.
According to the Department of Agriculture and Rural Development of Cho Gao district (Tien Giang province), the entire district currently has about 650 hectares of chili peppers, mainly concentrated in the communes of Binh Ninh, Binh Phuc Nhut, Binh Phan, etc., with Binh Ninh commune considered the chili pepper capital of the locality with an area of over 350 hectares.
According to NNVN - HV
