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Banana price rise cuts losses of farmers

Update: February, 19/2015 - 09:12
Banana branches are used in the worship of ancestors during Tet. — VNS Photo Hue Phong

QUANG TRI (VNS) — Banana prices in the Central region have suddenly increased ahead of Tet (Lunar New Year), saving farmers and traders from facing heavy losses.

Banana is the key fruit used in the worship of ancestors during Tet. A couple of days ago, the banana market in the central Quang Tri Province, which serves as the main supplier of bananas for the neighbouring provinces of Quang Binh, Thua Thien–Hue and Da Nang, had witnessed very low sales.

The situation changed abruptly on February 15, four days ahead of Tet. The prices went up by almost seven times, from VND70,000 to VND500,000 (US$24) for a branch with about 15 fruits on it.

The sales have been increasing as well. According to a report by Tuoi Tre (Youth) newspaper, several large trucks have been entering and leaving the province's Tan Long banana market, carrying supplies for the other provinces.

The sudden increase in demand has been seen in the northern localities as well, such as Ha Noi, Hai Phong and Nam Dinh.

The increase in sales and prices has freed farmers and traders of worry about losses. Ho Van Hon, a banana grower in the province's Huong Hoa District, said that the rise in prices has helped his family to earn a good sum of money for Tet shopping.

Other farmers are delighted that they will not be forced to dump unsold fruits. — VNS

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