Traders in Quang Ngai province are currently competing to buy fresh areca nuts at prices of 50,000 – 55,000 VND per kilogram. The price of areca nuts depends on the supply and demand in the Chinese market, as China is the main consumer of this commodity. Traders purchase the nuts, transport them to collection points, separate them from the stems, and dry them. One kilogram of dried areca nuts is produced from 7-8 kilograms of fresh nuts, which are then exported to China for making candy.
The price of areca nuts peaks during Tet when demand is high, reaching over 100,000 VND per kilogram, before gradually decreasing. This year, however, prices have continuously increased, starting at around 25,000 VND per kilogram in April and doubling to 50,000-55,000 VND per kilogram in June. This price point is about five times higher than it was during the same period last year.
Despite the increased prices, traders continue to compete to buy areca nuts in order to maintain their relationships with the gardeners. Gardeners, in turn, benefit from the price spike, earning significant income from each bunch of areca nuts they sell. For example, Ms. Tran Huyen Thanh earned about 8 million VND after selling 40 bunches of areca from her garden.
Even though Quang Ngai is not the locality with the highest purchasing price for areca nuts, the fever for this commodity has attracted buyers to gardens all across the region. In Son Tay district, known for its thousands of areca palms, traders have been rushing to purchase the fruit. However, the full harvest season has not yet arrived due to colder weather in the mountains, causing some premature harvesting. Gardeners and traders alike are hopeful that prices will remain high during the main crop season, allowing them to reap a good harvest.