If during the same period last year farmers had to dump bananas to feed goats because prices were only around VND 1,000 per kilogram, prices have now surged to between VND 14,000 and VND 18,000 per kilogram.

Ms. Hằng, who owns one hectare of banana plantations in Đồng Nai, said cheerfully that while last year she had to beg buyers to purchase her bananas, this year traders are coming directly to her orchard to buy at prices of up to VND 15,000 per kilogram—many times higher than last year.

“Last year I suffered heavy losses, but this year I am making a profit thanks to the sharp rise in prices. About two months ago, many traders offered deposits at around VND 7,000 per kilogram, but I decided not to sell,” Ms. Hằng said.

Sharing the same sentiment, Mr. Thanh, who owns 2.5 hectares of bananas nearing harvest, said traders had rushed in to offer to buy his entire plantation at VND 7,000 per kilogram. However, seeing that market prices were continuing to climb, he chose not to sell. By rough calculation, his 2.5 hectares of bananas could generate profits of around VND 800 million after deducting costs.

“This year I may be able to recover last year’s losses. Although we know that Chinese traders collect bananas unpredictably, they are the only ones capable of buying in large volumes. Domestic buyers simply cannot absorb much,” Mr. Thanh said.

Mr. Trần Danh Thế, owner of a company managing 30 hectares of banana plantations in Đồng Nai, said that in recent days banana prices had at times reached as high as VND 18,000 per kilogram. According to him, the record-high prices compared with the same period last year are due to a shortage of export-grade bananas, prompting traders to push prices up in order to secure enough supply for shipments. In addition, supply in China is scarce this year, forcing traders to step up purchases from Vietnam.

Mr. Thế noted that in about half a month bananas will enter peak harvest season, when supply will become more abundant and prices are expected to stabilize. Even if prices decline, he said the drop would likely be limited to around VND 2,000–4,000 per kilogram, as traders are still scrambling to collect bananas for export to China.

“We have received quite a number of orders from multiple countries, but supply is insufficient. For now, the company is only accepting orders for shipments to China because buyers there are offering suitable prices,” Mr. Thế said.

According to the Đồng Nai Department of Agriculture and Rural Development, the province has around 7,000 hectares of banana plantations, of which bananas of the già hương variety account for about 45%, mainly exported to China.

Not only in Đồng Nai, banana prices have also risen in northern provinces compared with last year. Mr. Trần Văn Căn, owner of a banana production facility in Hưng Yên, said that Chinese buyers are actively collecting bananas this year, pushing prices higher than usual. In northern regions, purchase prices are currently around VND 8,000–10,000 per kilogram.

“Last year at this time I exported about 200 tons, but this year I have managed only around 60 tons. Supply is quite scarce,” Mr. Căn said, adding that China remains Vietnam’s key market, meaning prices are heavily dependent on this market. He also noted that banana cultivation in Vietnam remains largely unplanned and lacks standardized techniques, resulting in very limited output suitable for demanding export markets.

Last year, from mid-February onward, prices of tissue-cultured già hương bananas fell to rock-bottom levels of just VND 1,000–2,000 per kilogram. Many farmers in Đồng Nai were devastated as ripe bananas rotted on the trees with no buyers, forcing them to sell at throwaway prices to goat farmers.