In Ho Chi Minh City, Vietnam, banana farmers from Dong Nai Province are facing challenges in exporting their produce, leading to the appearance of temporary banana stalls on the streets. These bananas, originally meant for export, are being sold at low prices, approximately 6,000 VND/kg (RMB 1.76/kg). Due to slow sales, each stall takes about two days to sell around 1 ton of bananas, contributing to a further decline in prices. Bananas are a significant export product for Vietnam, making up around 10% of the country's total fruit and vegetable exports to China. Despite a protocol signed between Vietnam and China in 2022 allowing formal banana exports, challenges have arisen this year. China's sufficient and high-quality domestic banana supply, coupled with competition from other countries targeting the Chinese market, has led to a 40% drop in Vietnamese banana exports to China compared to the same period in 2023. This oversupply has caused a sharp decrease in banana prices in Vietnam, with farmers experiencing significant losses, and the situation is expected to persist for the next 1-2 months.
