State-owned Simexco Dak Lak overtakes Phuc Sinh to lead Vietnam’s billion-dollar pepper export market

In a surprising shift in Vietnam’s billion-dollar pepper export market, Simexco Dak Lak - a state-owned enterprise - has claimed the top spot in export volume, while long-time market leader Phuc Sinh dropped to the fifth position.

Simexco Dak Lak, officially known as Dak Lak 9/2 Import-Export One Member Co., Ltd., exported 1,076 tons of pepper in the year to August 15, capturing nearly 10% of market share.

It was followed by Olam Vietnam (1,002 tons), Nedspice Vietnam (833 tons), Haprosimex JSC (803 tons), and Phuc Sinh (611 tons).

Simexco, based in the central province of Dak Lak, has traditionally ranked within the Top 6 exporters but rarely led the market.

The company is wholly owned by Dak Lak province's Party Committee and has registered capital of over VND315 billion ($11.92 million). Founded in 1993 and headquartered in Buon Ma Thuot, it is widely known as one of Vietnam’s top three green coffee exporters and a major player in the pepper export market.

The company exports to more than 60 countries and also sells roasted and instant coffee under its own brands. Beyond agriculture, Simexco has diversified into hospitality and eco-tourism, operating the Biet Dien Hotel and Buon Don Green Tourism Center in Dak Lak province.

Simexco runs three major processing plants, the including 5,000-square meter Buon Ma Thuot, with a capacity of 100 MTS per day; the 20,000 sqm Binh Duong 200 MTS per day, and the 25,000 sqm Hoa Phu 200 MTS per day.

In Dak Lak alone, the company has built a direct procurement network connecting over 40,000 coffee farming households across 50,000 hectares.

For the fiscal year ending September 30, 2024, Simexco reported net revenue of VND9.4 trillion ($355.8 million) and net profit of over VND85 billion ($3.22 million), up 38% and 24% year-on-year, respectively.

Vietnam’s pepper export remains strong

According to the Vietnam Pepper and Spice Association (VPSA), in the first 17 days of August 2025, Vietnam exported 10,830 tons of pepper worth $71.8 million. Although the volume declined 0.2% compared to the same period in July, export value increased by 2.1%.

In the year to August 15, Vietnam’s cumulative pepper export value reached $1.06 billion.

The average export price for pepper in the first seven months of 2025 stood at $6,823.2 per tonne, marking a 46.9% year-on-year increase - a significant boost for the country’s spice industry amid growing global demand.