Is Vietnam Paying Enough Attention to Cocoa?

Vietnam is the world’s second-largest rice exporter, just behind India. Other key agricultural exports include coffee, cotton, peanuts, rubber, sugar, and tea. Despite this strong potential, cocoa has yet to accelerate and establish itself as a key crop in Vietnam.

According to the Cocoa Purchasing and Development Department of Puratos Grand-Place Vietnam, the total cocoa cultivation area in Vietnam reached 2,708.44 hectares in 2024, an increase of about 300 hectares compared to 2023. The main cocoa-growing regions are the Central Highlands and the Southeast, accounting for nearly 50%.

Vietnam’s total cocoa production is estimated at 4,789 tons per year, while the World Cocoa Association reports that global cocoa production currently exceeds 4 million tons per year. Vietnam’s contribution therefore remains very modest in the overall global cocoa landscape.

Cocoa is one of the fastest rising agricultural commodities worldwide this year. In February 2024, futures prices for cocoa surpassed USD 10,000 per ton for the first time. By the end of October 2024, the global market price was over USD 7,300 per ton, and by July 2025, it has climbed to USD 8,400 per ton.

Globally, there are three main cocoa varieties: Forastero, Criollo, and Trinitario. Forastero accounts for about 95% and is classified as a “bulk” variety. Criollo and Trinitario are recognized as “fine flavor” cocoa, prized for their unique and complex aroma profiles. Fortunately, the cocoa cultivated in Vietnam belongs to the Trinitario group - a variety highly valued in the premium chocolate segment.

Thanks to meaningful support from government agencies, NGOs, and private companies like Puratos Grand-Place, practical initiatives are in place to support cocoa farmers: technical training, intercropping guidance, income improvement through circular economy solutions, seedling distribution, guaranteed purchasing, and price commitments. With these efforts, Vietnam’s cocoa industry is gradually moving forward. In the next five years, the country’s cocoa cultivation area is expected to double, creating a strong launchpad to make cocoa one of Vietnam’s key agricultural crops.

Cocoa bean prices have increased more dramatically than at any time in the past four decades. From an average of just $2,500–$3,000 per ton in 2022, cocoa prices soared past $12,000 per ton in April 2024 - the highest level in the industry's history.

The price of dried beans has doubled, placing Vietnam among the most expensive cocoa markets in the world. By the end of 2024, global cocoa prices had quadrupled compared to two years earlier. Although prices have since declined slightly, they remain three times higher than in 2022. The surge is mostly attributed to concerns over supply shortages from Ivory Coast and Ghana, which together account for 70% of global cocoa production. Climate change, deforestation, pests and diseases, buyer stockpiling, and profit imbalances in the cocoa supply chain have all contributed to the record-breaking prices.

Gricha Safarian, General Director of Puratos Grand-Place Indochina who has been working in the cocoa and chocolate industry for more than 3 decades, commented: "While the cocoa market is facing what many call a price 'crisis,' I believe this is not a crisis but something inevitable. There is a significant disparity in profit distribution within the cocoa and chocolate industry. Farmers, who grow the cocoa beans - the primary material for chocolate, the most favorite dessert in the whole world - receive only a modest share of the value in the entire supply chain. Yet when natural disasters, price drop or crop yield losses, they are the ones who suffer the most. I hope the cocoa market stabilizes so that farmers are motivated to continue cultivating and expanding cocoa production. Sudden price spikes followed by sharp drops cause major disruptions. If we can stabilize prices and share profits more fairly, we can build a sustainable cocoa industry that truly benefits farmers."

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