Durian prices reverse and plummet, causing traders to suffer

Mr. H.D.T (a durian trader in Buon Ma Thuot City, Dak Lak Province) indignantly said: "I and more than 10 traders have been waiting in front of the warehouse of an agricultural export purchasing unit for 2 days now, demanding that the business owner pay more than 40 million VND in arrears after receiving durian for export. I used my own money to purchase agricultural products from farmers and delivered the goods as promised to the business, but the unit did not maintain its business reputation, received durian and then refused to pay."

Regarding the debt of more than 2 billion VND that has not been collected, Mr. TSĐ choked up: "I borrowed money everywhere to buy enough agricultural products from people to sell to the purchasing unit for export. The business owner received the goods and then sent me a handwritten note, committing to pay according to the agreed time. However, when the payment deadline came, I waited forever without a response, so I went to the company's warehouse to collect the debt, but was unsuccessful."

Currently, the price of durian in Dak Lak is showing signs of a sharp decrease compared to more than a month ago. Previously, the price of grade 1 durian, beautiful fruit, of all sizes, was around 90,000 VND to 100,000 VND/kg, but now it has dropped to 65,000 to 70,000 VND/kg.

In addition, many durian export containers are still stuck at the border gate and cannot be shipped, causing many traders to limit purchases, directly causing durian prices to drop sharply as in the past 2 weeks.

Many durian traders are now in debt. Photo: Bao Trung

A durian trader residing in Krong Pak district said: "In fact, at this time, supply has exceeded demand. Previously, many intermediary traders purchased durian to sell to agents and large fruit warehouses and then exported it to earn profits. However, many people do not grasp the rules of the market, do not understand the procedures and contracts of sale, leading to fraud or late payment, now falling into a tragic situation, with difficulties piling up on difficulties.

Because, most warehouse owners who purchase agricultural products for export in the area currently do not accept to buy durian at high prices like before. Meanwhile, traders have borrowed money, spending all their capital to buy durian from farmers' gardens hoping to sell for profit (percentage difference - PV).

"At the beginning of the durian season, the traders who did well and made a lot of money have left. Many of the traders who stayed at this time are heavily in debt and are selling at a loss in hopes of recouping the capital they invested," the trader added.

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