Animal feed prices soar in Vietnam

Vietnamese animal feed companies raised animal feed prices by VND160-VND200 (US$0.0086-0.01) per kilogramme late last week.

According to reports, this was the third time over the past month the companies increased the prices with total rises of VND480-VND600 (US$0.02-0.03) per kg.

The price hike was resulted from the Vietnamese government's decision to raise import tax on animal feed materials by 5-7% early this year.

The tax rise was believed to hurt local husbandry sector as it is boosting production to supply meat for the coming Lunar New Year or Tet.